Crypto scams are on the rise, and seniors, often with limited crypto knowledge, are becoming prime targets.
This week, 82-year-old Houston artist Richard Hall urged others to stay alert after falling victim to a crypto scam. The fraudster, impersonating a United States Federal Trade Commission agent, swindled Hall out of his life savings.
Retired Artist Loses $130,000 to Crypto Scam
Given his limited grasp of crypto and technology — a vulnerability often seen in the elderly — Richard Hall was an ideal mark for a crypto scam.
The scheme began in March. Hall received a call from an individual identifying as Alan Lee from the Federal Trade Commission. Lee convinced Hall that the agency was investigating potential hackers targeting his bank account. Soon after, Lee informed Hall about identifying several hackers, claiming further investigation was necessary.
Hall shared that the initially transferred amounts were minor, hovering around $4,000 or $5,000. Things took a turn when Lee persuaded Hall to install AnyDesk, granting the crypto scammer remote computer access. Lee sifted through Hall’s emails using this access, allegedly gathering evidence.
Read more: 15 Most Common Crypto Scams To Look Out For
Over subsequent weeks, Lee coaxed Hall into transferring funds between banks. Under the pretext of securing Hall’s money, Lee also persuaded him to purchase small amounts of Bitcoin to trap the purported hackers.
During their interactions, Hall and Lee chatted about personal matters, like food, further cementing Hall’s trust in Lee.
“I was so naive,” reflected Hall.
By early July, Hall had funneled $130,000 from his retirement account to a so-called “Bitcoin exchange” based on Lee’s guidance. It was not long before his bank raised an alarm about potential fraud.
Although Hall reported the incident to law enforcement agencies, they signaled the unlikelihood of ret
Go to Source to See Full Article
Author: Josh Adams