LIVING SAFE: When Crypto Turns Costly: Growing Scams Target Older Investors
LIVING SAFE with Eugene Police Department
Why are people over 50 losing millions to cryptocurrency scams, even after decades of financial experience?
Scams today go far beyond suspicious phone calls or poorly written emails. Modern fraudsters use advanced technology, convincing impersonations, and cryptocurrency to steal money from victims. Once a futuristic idea, cryptocurrency is now at the center of some of the fastest-growing scams in the United States.
Many older adults are hearing about cryptocurrency through news, online ads, and even machines in grocery and convenience stores. Scammers often take advantage of confusion about digital currency to pressure people into making quick financial decisions.
In 2025, Americans lost an estimated $17 billion to cryptocurrency fraud, including impersonation scams and schemes using AI (artificial intelligence). Another $333 million was lost through Bitcoin ATM scams, where victims were told to deposit cash and send it directly to criminals.
These scams often begin with an unexpected phone call, text, or email from someone claiming to be a government agency, bank, tech company, or even a family member, warning of a problem and urging immediate action.
The scammer then creates a sense of urgency and directs the victim to withdraw cash and deposit it into a Bitcoin ATM or send cryptocurrency through a digital wallet. Because cryptocurrency transactions are extremely difficult to reverse, the money can disappear within minutes.
By the time victims realize they have been deceived, the scammers, and the money, are gone.
5 Warning Signs of a Cryptocurrency Scam
- Urgent pressure to act – Claims your account is at risk, you owe money, or someone is in danger.
- You’re asked to pay with cryptocurrency or through a Bitcoin ATM – Legitimate banks, businesses, and government agencies don’t require this.
- Impersonating a trusted organization – Scammers pretend to be banks, law enforcement, government, or tech support.
- Told to keep it secret – You’re asked not to tell family, friends, or bank staff.
- Asked to move money to “protect” it – No real company will tell you to convert your money to cryptocurrency for safety.
Protecting yourself from cryptocurrency scams doesn’t require being a technology expert. The most important defense is simply slowing down and asking questions. If someone pressures you to act quickly, demands payment in cryptocurrency, or asks you to keep a transaction secret, those are clear warning signs. Legitimate organizations will never rush you into moving your money or converting it into digital currency.
When in doubt, pause the conversation, contact your bank or a trusted family member, and verify the request through official channels. In today’s digital world, a moment of caution can be the most powerful tool you have to protect your finances.
Janina Rager
50plus Magazine
Janina Rager, Eugene Police Community Engagement Officer with the Eugene Police, is committed to educating people for their safety and well-being.