OKLAHOMA CITY — Financial institutions across Oklahoma and the nation are seeing an alarming increase in customers who withdraw large sums of cash and enter the cash into a local cryptocurrency ATM, all based on instructions received from a scammer.
Scammers are the only ones who will ask customers to withdraw cash and enter it into a local bitcoin ATM – not their local bankers, Microsoft personnel, law enforcement, a banking regulator saying the bank is about to fail, an attorney, a legitimate romantic interest nor a friend with a great investment opportunity. NO ONE will or should do so!
The Oklahoma Bankers Association urges consumers to have conversations with their friends and family about these prolific scams. Bank employees will ask questions when concerned a customer may be falling for a scam, but to be helpful, they must rely on the customer to be truthful. In many instances, scammers have convinced their victims to lie to anyone asking questions – suggesting to say they are remodeling a kitchen, buying a new car or it’s simply none of their business. They may even ask the victim to sign a “non-disclosure agreement” that “prohibits” them from discussing the matter with anyone.
If you are assisting a loved one in day-to-day life, watch for unusual or secretive behavior, frequent trips to their financial institution or cell phone calls lasting over an hour from an unfamiliar area code.
National Consumer Protection Week runs March 3-9. Meanwhile, March 7 is National “Slam the Scam” Day as designated by the Social Security Administration’s Office of Inspector General to raise awareness of government imposter scams.
Additional information can be found at Imposter Scams Infographic | American Bankers Association (aba.com), ‘Pig Butchering’ Scams: What They Are and How to Avoid Them | FINRA. org, What To Do if You Were Scammed | Consumer Advice (ftc.gov).
The OBA conducts more than 70 educational programs and seminars each year, which reach more than 5,000 bankers across the state. The Association represents approximately 200 banks across the state and serves as the primary advocate for the banking industry. It’s also heavily involved in fraud training and prevention as well as legal and compliance services and communications for its member banks.
