Four of our CrimeBusters in April and May did a wonderful job stopping our customers from falling victim to a PC hack scam. These customers came into the branch wanting to withdraw a large amount of cash that day. The customers said they were either buying a vehicle from a private seller or paying for home repairs.

When asked if they could take a cashier’s check instead, the customers insisted on cash. This was a red flag, and more questioning followed. After a deeper conversation and, in some cases, a call to Security for assistance, it was uncovered that they were victims of a scam.

When customers come in looking for a large amount of cash, it can be hard to tell them that you are unable to fulfill that request. It is vital to ask questions and understand the urgency around why the customer must get this cash in hand immediately.

Here’s how this scam works. The scammers tell the customer that their accounts are compromised and they need to get their money out of the bank before it’s gone. They are told that depositing it into a Bitcoin ATM is the only way to keep it safe. The scammer then sends the victim a QR code with the scammer’s information embedded in it. Once the victim deposits the cash into the Bitcoin ATM and confirms the transaction, the funds are transferred to the fraudster’s digital wallet. It’s that easy.

The fraudster will try to keep the victim on the phone the whole time to prevent anyone from intervening. Some of you might wonder whether the transaction can be stopped or reversed. Unfortunately, no. Once that transaction is sent, the money is essentially gone.

How to protect our customers

As we know, not all wire transfers or Bitcoin purchases are fraud. So, how do we protect our customers from falling victim to a scam? Know your customer. If a customer comes in to withdraw a larger amount of cash, here are a few steps to take:

• Review their transaction history and see if this is typical behavior.
• Was the money transferred from a savings or line of credit? This may be an indication they are involved in a PC hack.
• Make conversation with them and ask questions. Does the customer seem nervous or rushed? Is there a sense of urgency?
• Talk with your customer about scams that are going on and explain that’s why we ask questions. We want to make sure we protect our customers and their hard-earned money.

Below are some articles about the rising crypto scams, how they can happen, and how to protect yourself.

Did someone send you to a Bitcoin ATM? It’s a scam | Consumer Advice (ftc.gov)
Scammers Use Crypto ATMS to Steal Money From Victims | AARP (aarp.org)

Congratulations to our CrimeBusters for April and May!

• Tara Neuville
• Sharon Hack,
• Leigha Johnston
• Hali Thompson
• Megan Kubichek
• Mel Langrick
• Wanda Pillizzi
• Renee Machado
• Erica Johnson
• MaryRose Balzer
• Kim Konieczny
• Danielle Hansen