A new unit within the Bureau of Criminal Investigation (BCI) has successfully recovered $130,000 lost in a cryptocurrency scam in the Columbus area. This marks the first achievement for this specialized team designed to assist local law enforcement with cyber financial crimes.
"Criminals are hitting cryptocurrency scams hard which can have lasting impact to your bank account and your credit history," stated Ohio Attorney General Dave Yost. "Recovering lost electronic funds can be a sophisticated goose chase, but our agents and analysts are getting ahead of the curve to help victims recoup their money."
The Electronic Fraud Investigations unit was established as part of an ongoing effort to support law enforcement and protect Ohio residents from financial fraud. The recent recovery took place in Worthington, a suburb north of Columbus, though the perpetrators remain unidentified.
“These days most financial transactions are electronic, creating an opportunity for online criminals and scammers to commit crimes – but you don’t have to be a victim,” said Worthington Chief of Police Eric Grile. “The solution to the issue is to be vigilant and report suspicious activity immediately. Thanks for the work of BCI, they were able to recover some of the money back for our resident.”
The incident began on July 31 when Worthington Police Department sought assistance from BCI’s Electronic Fraud Investigations unit after a 75-year-old woman fell victim to a scam. She had received a computer pop-up warning her of "fraud." Following instructions from scammers via phone, she withdrew funds and deposited them into a Bitcoin ATM machine, ultimately losing $280,000.
Due to prompt reporting by law enforcement, some funds were recoverable. BCI agents used investigative tools to trace the cryptocurrency on blockchain technology and managed to freeze approximately $130,000 for return.
Cryptocurrency scams often involve complex fund movements making full recovery challenging. Formed during summer, the Electronic Fraud Investigations unit employs multidisciplinary strategies focusing on electronic fraud involving cryptocurrency and racketeering crimes.
This unit bridges investigative gaps between local and federal law enforcement aiming at prosecuting offenders fully while recovering stolen assets when possible. It involves expertise from various BCI units including Forensic Accounting, Special Investigations, Cyber Crime among others.
Law enforcement agencies needing BCI's assistance can reach out via phone or email provided by Ohio Attorney General’s office.
Education remains key against cryptocurrency scams with potential targets often being older individuals or those involved in unusual cash withdrawals related activities such as deposits into Bitcoin ATMs or transactions following directives from unknown individuals over cellphones.
Additional resources regarding cyber safety are accessible through AG’s Consumer Protection Section aimed at educating citizens about online threats.