The FBI’s Internet Crime Complaint Center (IC3) is warning Americans about a sophisticated cryptocurrency scam that takes a surprising turn – scammers are convincing victims to hand over physical cash in person.
It all starts with a message from a stranger
The first contact is usually unsolicited. Sometimes, it’s someone claiming to be a cryptocurrency expert with a great investment opportunity. Other times, it’s someone looking for friendship or romance. The goal is not to sell anything immediately but to build trust. Scammers often spend days or even weeks creating a relationship before introducing the investment opportunity.
Once trust is established, victims are encouraged to invest through what appears to be a cryptocurrency platform. At first, everything looks legitimate. The investment account appears to grow, balances increase, and returns look impressive. There’s just one problem. The money isn’t actually being invested.
Why the scammers want cash instead of transfers
Banks can flag suspicious transfers and freeze potentially fraudulent transactions. So scammers have adapted. Instead of asking targets to wire money directly, they claim there is an issue with the account. They can say that it has been “flagged” or that special verification is required.
Whatever the excuse, targets are told they need to provide cash in person. A courier then shows up to collect the money. That’s the part that catches many people off guard. Because meeting someone face-to-face can make the entire transaction feel more legitimate.
The trap gets bigger when victims try to cash out
The scam often reaches its most convincing stage when victims attempt to withdraw their profits. That’s when the fake fees start. Victims are then told they must pay taxes, processing fees, penalties, and account release charges. Every payment is framed as the final step before receiving their money.
However, the withdrawal never comes. Instead, another courier arrives to collect more cash. And the cycle repeats.
The major red flags
One tactic highlighted by investigators is something known as love bombing. That’s when scammers overwhelm targets with attention, compliments, affection, and constant communication. The goal is to create emotional trust before introducing financial requests.
Scammers in this scheme frequently focus on older adults because they may have retirement savings, home equity, or larger cash reserves. They also tend to be viewed as more trustworthy and less likely to suspect someone they’ve developed a relationship with online.
But the FBI stresses that these scams can affect anyone. So, you want to be very cautious of strangers offering investment opportunities. Never share banking information with unknown individuals, don’t give out your home address for investment-related transactions, and be skeptical of anyone pressuring you to move money quickly. And if someone claiming to be an investment advisor wants to send a courier to your house, that’s a giant red flag you should run away from.
Source: IC3