Hermitage police are warning residents, particularly those over 60, about a sharp increase in scams involving cryptocurrency, with victims losing nearly $590,000 in recent months.

Deputy Chief of the Criminal Investigation Division Joel Ristvey said five Hermitage residents have been defrauded of a combined $589,000 in various scams, some involving Bitcoin ATMs.

“Have a conversation with your parents, grandparents and friends,” Ristvey urged, citing a 2023 government report showing most victims are over 60.
Nationally, Americans reported losing more than $5.6 billion to cryptocurrency fraud last year, according to police. Pennsylvania ranks seventh worst in the country for such scams.

Authorities identified the top three scams targeting seniors as tech support, personal data breaches, and confidence or romance scams.

Scammers often pressure victims to pay in cryptocurrency, a red flag as legitimate businesses and government agencies do not demand such payments, police said. Cryptocurrency is not backed by any government or central bank and is subject to less regulatory protection than traditional investments, making it highly volatile.

Criminals favor cryptocurrency ATMs due to their anonymity and difficulty in tracing transactions. Payments made through these machines are usually irreversible and lack the legal protection of credit or debit cards, police said.

Scammers may falsely advertise individual retirement accounts as IRS-approved to appear less risky. Police warn against investing in cryptocurrency based on unsolicited contact through text messages, social media or email.

Red flags include:

  • Claims of guaranteed high returns on cryptocurrency investments.
  • Pressure to pay debts or fees in cryptocurrency from individuals claiming to represent government agencies or other official bodies.

Police offered the following tips to avoid scams:

  • No legitimate business or government agency will demand payment in cryptocurrency or prepaid gift cards via email, text or social media.
  • Avoid clicking links from unexpected messages.
  • Do not pay anyone who demands payment in cryptocurrency, prepaid gift cards or wire transfers.
  • Never pay a fee to secure a job.
  • Resist pressure to invest quickly.
  • Research cryptocurrency dealers and platforms before investing.
  • Carefully read investment agreements.
  • Never share private keys used to access cryptocurrency wallets.

Victims of scams are urged to report them to the FBI’s Internet Crime Complaint Center at ic3.gov, contact their local FBI field office, or call the Hermitage Police Department’s non-emergency line at 724-662-6110. Reports can also be filed with the Federal Trade Commission at reportfraud.ftc.gov.