Police block $40,000 Bitcoin ATM fraud by Chase Bank impersonator.

Police officers in White Settlement, Texas, interrupted an ongoing scam by a Chase Bank scammer who tricked an elderly woman into withdrawing $40,000 and depositing it into a Bitcoin (BTC) ATM machine.

On June 19, the White Settlement Police Department (WSPD) reported that officers were able to stop the scam while it was in progress. According to WSPD, a concerned citizen called the dispatch center after seeing an elderly woman depositing a large amount of cash into a Bitcoin ATM.

After hearing the phone call, the citizen believed that the woman had been scammed.

Police block Bitcoin ATM fraud

WSPD said the suspect threatened to arrest the victim if she did not send him money. This is a common tactic used by scammers involved in pig slaughter scams. The victim also saw that the caller ID was “Chase Bank” and pretended to be an employee.

The assailant arranged a ride for the woman and took her to a local Chase bank to withdraw money. Afterwards, her suspect directed her to her convenience store where she had a Bitcoin ATM to deposit her funds.

In the black box video released by the police, a police officer at the scene was seen continuing the conversation. The Chase Bank impersonator continued to attempt to communicate with the victim to complete the transaction, but was stopped by WSPD.

While police were trying to prevent further damage, the woman had already deposited $23,900 into a cryptocurrency ATM. Authorities are working with government officials to recover funds and return them to victims.

Related: Bitcoin ATMs have declined globally due to lockdowns in the US.

Sergeant James Stewart, who received the report, said he thought of his mother as he looked at the elderly victim. He said:

“In this case, all I can do is visualize my mom. (…) I hope we find this guy and put him in prison for a very long time because he may be doing this to other people.”

Meanwhile, Police Chief Christopher Cook expressed gratitude to the citizen who reported the incident. The department plans to recognize citizens at future council meetings.

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