An elderly couple was swindled out of their $1.3 million retirement fund by scammers pretending to be representatives from the Federal Trade Commission (FTC). The elaborate scam involved Bitcoin ATMs and gold bullion transactions.
Barbara and Larry Cook were approached by fraudsters in September 2023, who impersonated security representatives of Amazon and TD Bank. The scammers convinced the Cooks that their identity had been misused for illegal purchases on the dark web.
The Cooks were ensnared in a convoluted scam that had them depositing large amounts of money into Bitcoin ATMs and surrendering gold bullion in Maine and Florida. They were made to believe they were aiding the FTC in apprehending cybercriminals.
As per the report by Insider, the scam continued for over half a year before the Cooks realized they had been tricked. By this time, they had lost their entire savings of $1.3 million, earmarked for their retirement, charity, and family inheritance.
The couple was assigned a fictitious “FTC agent” named “Ryan Terry,” who walked them through the process of setting up a Bitcoin wallet and conducting transactions. The Cooks were convinced their actions were part of a legitimate investigation and that they were acting patriotically.
The scam was finally unmasked in April 2024 when Larry Cook attempted to contact “Terry” and found his WhatsApp was no longer operational. The FTC confirmed there was no such agent, and an investigation was initiated.
Despite the ongoing investigation, the authorities have suggested that the Cooks are unlikely to recover their lost savings. The couple is now sharing their story to alert others and provide solace to those who have been similarly scammed.
This incident underscores the growing threat of cybercrime and the sophistication of scams targeting vulnerable individuals. It serves as a stark reminder for individuals to exercise caution when dealing with unsolicited communications, especially those involving financial transactions.
It also highlights the need for financial institutions and tech companies to bolster their security measures and educate their customers about potential scams.
Image: Shutterstock/Igor Faun
Recent Comments