Scammers convinced a North Carolinian to cash in his bank CDs and transfer the money into bitcoin held in a Coinbase account. The banks didn’t block the suspicious transactions, but the crypto exchange froze the funds.
In late August, an elderly Asheville, North Carolina man received a terrifying call from someone claiming to be from the “Office of the Inspector General”. The caller warned the senior’s personal information had been used to facilitate a drug trafficking and money laundering scheme and all his assets would be frozen until the government could verify he wasn’t part of the scheme.
In this case, the fraudsters persuaded the victim to buy a cell phone and a laptop and load the TeamViewer app onto that laptop so they could control it remotely. They got him to hold his driver’s license up to the laptop’s camera so they could capture pictures of both it and him and opened a Gmail account under their control in his name.
In an email to Forbes, Coinbase noted its investigations team often conducts additional reviews of transactions associated with accounts belonging to seniors because of the high rate of wire fraud targeting this group. For much of the public , Crypto is associated with criminal activity. But Coinbase’s intervention shows the effort reputable exchanges are making to comply with the law.
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