Abington police are waving a big red flag about a new danger in town: cryptocurrency scams. These digital money tricks are hitting our neighbors hard, and officials want everyone to be on high alert.
The scams work like this: bad actors convince people to invest their hard-earned money in fake cryptocurrency opportunities. They promise huge returns that sound too good to be true—because they are. These scammers use fancy websites, fake testimonials, and pushy sales tactics to seem legitimate.
“These criminals are getting smarter and their schemes more convincing,” says Abington Police Chief Patrick Molloy. “We’ve seen several residents lose significant amounts of money already this year.”
One local resident lost over $50,000 after being promised a “guaranteed 300% return” on a Bitcoin investment. The scammer vanished once the money was transferred. Another victim was tricked into sending cryptocurrency to what they thought was a legitimate trading platform.
Cryptocurrency itself isn’t the problem. Bitcoin, Ethereum, and others are real digital currencies that many people use safely. The problem comes from fake investment schemes that prey on people who don’t fully understand how crypto works.
To stay safe, police recommend several precautions. First, be extremely suspicious of any investment promising guaranteed returns, especially if they sound unusually high. Legitimate investments always involve some risk.
Second, research thoroughly before investing. Check if the company is registered with the Securities and Exchange Commission or has verifiable reviews from trusted sources. The Pennsylvania Department of Banking and Securities can verify if an investment opportunity is legitimate.
Third, never share your cryptocurrency wallet information or private keys with anyone. This is like giving someone the PIN to your bank account.
“If someone is pressuring you to act quickly, that’s a huge warning sign,” explains Detective Lisa Burton from Abington’s fraud division. “Legitimate investments don’t need high-pressure tactics.”
Social media has become a hunting ground for these scammers. They create fake profiles that look like financial experts or even impersonate friends and family. They might send direct messages about “amazing investment opportunities” that have made them rich.
Older adults are particularly vulnerable to these scams. Many aren’t familiar with how cryptocurrency works but hear stories about people making fortunes. This combination of confusion and potential reward makes them perfect targets.
The Federal Trade Commission reports that Americans lost over $1 billion to cryptocurrency scams in 2021 alone. These numbers continue to climb as scammers develop more sophisticated methods.
Local banks are partnering with police to spot potential scam victims. If someone suddenly withdraws large amounts of cash or asks unusual questions about cryptocurrency transfers, bank employees are trained to ask questions that might prevent fraud.
“We had a customer trying to withdraw $20,000 for a crypto investment last month,” says Jennifer Williams, manager at a local credit union. “When we asked a few questions, it became clear someone was pressuring her online.”
Community awareness sessions are being planned at the Abington Community Center to educate residents about cryptocurrency basics and how to spot scams. Dates will be announced on the township website.
If you believe you’ve been targeted by a cryptocurrency scam, contact Abington Police immediately at their non-emergency number. You should also report the scam to the FBI’s Internet Crime Complaint Center at IC3.gov, which tracks these schemes nationally.
Remember the golden rule of investing: if it sounds too good to be true, it probably is. This applies doubly to the complex world of cryptocurrency, where understanding the technology can be challenging even for experts.
The best protection against these scams is education and healthy skepticism. Take your time, do your research, and never let anyone pressure you into making quick decisions
