Bitcoin ATM Scammer Imitating Chase Bank Arrested

A Chase Bank impersonator deceived an older woman into depositing $40,000 into a Bitcoin ATM, and a Texas police officer successfully thwarted an ongoing fraud.

The White Settlement Police Department (WSPD) reported on June 19 that officers effectively intercepted a Bitcoin ATM scam as it was unfolding.

According to the report, a concerned citizen notified the dispatch center after observing an elderly woman deposit cash into a Bitcoin ATM while carrying a substantial amount.

Christopher Cook, the Chief of Police, commended the citizen for his quick thinking, as he identified the “danger signs” of a scam after overhearing the woman’s phone conversation.

Police Officer Catches Scammer In The Act

According to the WSPD, the suspect used a common pig butchering scam technique by threatening the victim with arrest if she did not send the money.

The victim was deceived into a false sense of security by the scammer’s caller ID, which read “Chase Bank.” This was merely one component of a sophisticated ruse that misrepresented the swindle as genuine.

Additionally, the perpetrator arranged for a transportation service to transport the woman to a nearby Chase Bank, where she withdrew the funds. Subsequently, the suspect directed her to a convenience store that featured a Bitcoin ATM, where she deposited the funds.

An officer in the dashcam footage that the police department released interrupted the conversation. The Chase Bank impersonator attempted to continue conversing with the “customer” and finalize the transaction, instructing the woman to “receive the phone” from the officer despite this.

Despite the intervention’s effectiveness, it had positive consequences. The ATM had already received $23,900 from the victim.

At present, authorities are working with government officials to retrieve and restitute the funds to the victim.

Bitcoin ATM Numbers On The Rise Again

The global number of Bitcoin ATMs is rising following a significant decline in May, which disrupted a 10-month expansion trend that began in July 2023.

The primary cause of this decline was the eradication of more than 300 ATMs in the United States, which account for over 80% of the global market.

As of June 20, Coin ATM Radar data indicates that this decline has been reversed, with an additional 93 ATMs installed throughout the United States.

While this does not account for the losses during the decline, it indicates the resurgence of growth.

Law enforcement agencies in the United States have been actively targeting ATMs used for illegal activities such as extortion and scams, even though the reasons for the May decline are obscure.

In recent years, there has been a significant increase in the prevalence of Bitcoin ATM frauds, which has coincided with the growth in Bitcoin usage. Last year, a significant security flaw at General Bytes, a crucial manufacturer, resulted in the theft of $1.5 million in Bitcoin from its operators.