Top 5 Crypto Scams Targeting Seniors — And How to Avoid Them
Seniors are the number one target for cryptocurrency scams. According to the FBI, Americans over 60 lost more money to crypto fraud than any other age group — over $1.6 billion in 2023 alone. And those are only the reported cases.
Scammers target older adults because they tend to be more trusting, more likely to have retirement savings, and less familiar with how cryptocurrency works. The good news is that once you know how these scams work, they’re much easier to spot and avoid.
Here are the five most common crypto scams targeting seniors — and exactly what to do if you or someone you love encounters one.
If you are at a Bitcoin ATM right now and someone told you to come here, stop immediately and call us at 503.985.8066 before doing anything.
Scam #1 — The Government Impersonation Scam
A senior receives a phone call from someone claiming to be from the Social Security Administration, IRS, Medicare, or local police. The caller says there is a serious problem — their Social Security number has been stolen, they owe back taxes, or there is a warrant for their arrest.
To “resolve” the issue and avoid arrest or losing their benefits, they are told to withdraw cash and deposit it into a Bitcoin ATM. The caller stays on the phone the entire time, coaching them through the process and warning them not to tell anyone.
Why it works
The caller sounds official and urgent. Seniors who have spent their lives respecting authority figures are especially vulnerable to this pressure. The threat of arrest or losing Social Security benefits is terrifying.
The truth
No government agency — not the IRS, Social Security Administration, FBI, Medicare, or any police department — will ever demand payment in Bitcoin or ask you to use a Bitcoin ATM. Ever. Hang up immediately.
If you receive one of these calls, hang up and call the agency directly using a number from their official website — not a number the caller gives you.
Scam #2 — The Grandparent Scam
A senior receives a frantic call from someone claiming to be their grandchild — or a lawyer or police officer calling on their grandchild’s behalf. The “grandchild” is in trouble: arrested, in a car accident, or stranded abroad. They need money immediately and beg their grandparent not to tell their parents.
The senior is instructed to withdraw cash and deposit it into a Bitcoin ATM to “pay bail” or cover emergency costs.
Why it works
The love a grandparent has for their grandchildren is one of the most powerful emotions there is. Scammers exploit this completely. They may even use AI-generated voice technology to make the caller sound like a real family member.
The truth
Before sending any money, hang up and call your grandchild directly on a number you already have saved. Real emergencies can wait the 60 seconds it takes to verify. If you can’t reach them, call another family member.
The “don’t tell your parents” instruction is always a red flag. Real family emergencies don’t require secrecy.
Scam #3 — The Romance Scam
A senior connects with someone online — through a dating site, Facebook, or even a wrong number text. The new “friend” is charming, attentive, and communicates daily. They claim to be a doctor working abroad, a military officer, or a successful businessperson. Over weeks or months a genuine emotional bond forms.
Then the emergencies begin. A medical crisis. A business deal gone wrong. A travel emergency. Each time, they ask for money — sent through a Bitcoin ATM because “their bank account is frozen” or they”cannot access regular transfers.”
Why it works
Loneliness is one of the most powerful vulnerabilities scammers exploit. For seniors who have lost a spouse or live far from family, the attention and affection of a new online friend can feel very real. By the time money is requested the emotional investment is enormous.
The truth
If you have never met someone in person, never send them money — no matter how long you have been talking or how real the relationship feels. Legitimate romantic partners do not ask for money through Bitcoin ATMs.
Scam #4 — The Tech Support Scam
A popup appears on a senior’s computer screen — or they receive a phone call — warning that their computer has been hacked. The message looks official, sometimes mimicking Microsoft or Apple. A phone number is provided to call for help.
The “tech support agent” gains remote access to the computer, shows the senior alarming-looking screens, and claims their bank account has been compromised. To “protect their savings” they are told to withdraw cash and deposit it into a Bitcoin ATM while the agent stays on the line.
Why it works
Seniors who are less familiar with technology are more likely to believe their computer has a serious problem. The official-looking popups and authoritative caller voice create convincing panic.
The truth
Microsoft, Apple, and your internet provider will never call you unsolicited about a security problem. Legitimate tech support never asks you to pay using a Bitcoin ATM. If you see one of these popups, turn off your computer and call a trusted family member or a real tech professional.
Never give anyone remote access to your computer unless you initiated the contact with a verified company.
Scam #5 — The Fake Investment Scam (Pig Butchering)
A senior is contacted by a stranger online — often through Facebook, WhatsApp, or a dating app. The person is friendly and builds a genuine relationship over time. Eventually they mention a “wonderful investment opportunity” in cryptocurrency that has been making them great returns.
They walk the senior through investing on a professional-looking website. The “investment” appears to grow quickly. When the senior tries to withdraw their profits, they are told they must pay taxes or fees first — through a Bitcoin ATM. The fees keep growing and the money is never accessible.
Why it works
The fake platform looks completely legitimate with professional design, live chat support, and account statements showing impressive gains. Seniors who have worked hard their whole lives and are looking to grow their retirement savings are especially vulnerable to the promise of high returns.
The truth
Legitimate investment platforms never require you to pay fees through a Bitcoin ATM to access your own money. If you cannot withdraw your funds without paying more in — it is a scam. Stop depositing immediately.
How to Protect Yourself and Your Loved Ones
Slow down — scammers always create urgency. Any legitimate situation can wait 30 minutes for you to verify.
Talk to someone you trust before sending any money — a family member, friend, or your bank.
Never send Bitcoin to someone you have not met in person, no matter the reason.
Hang up on anyone who pressures you or tells you not to tell your family.
Call us at 503.985.8066 if you are at one of our ATMs and something feels wrong — we would rather take your call than see you lose money.
Share This With Someone You Love
If you have a parent, grandparent, or older friend or neighbor, please share this guide with them. You may not be there when a scammer calls — but the knowledge of what to look for could save them from losing their life savings.
You can also visit our Bitcoin Safety & Protection page for a full list of scams and warning signs.
Helpful Resources for Seniors
AARP Fraud Watch Network: aarp.org/fraudwatchnetwork — free fraud alerts and helpline
FTC Scam Reporting: reportfraud.ftc.gov
FBI Internet Crime Complaint Center: ic3.gov
National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311)
Questions? We’re Here to Help.
BitcoinNW is a locally owned, licensed Bitcoin ATM operator committed to keeping our customers safe. If you or a loved one is ever unsure about a crypto transaction, call or text us at 503.985.8066, Mon–Sat 9am–8pm. We are always happy to help.
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