Police in Hawaii Sound Alarm as Crypto Scams Drain Life Savings

The Kaua'i Police Department (KPD) has issued urgent warnings about cryptocurrency scams targeting residents, particularly older adults, with fraudsters using emotionally manipulative tactics to drain victims' savings. These schemes involve criminals posing as friendly individuals on social media, phone calls, or texts to build trust before convincing victims to invest in fraudulent crypto ventures.

Scammers promise high returns on cryptocurrency investments, then disappear after victims transfer funds.

Nationally, the FBI’s 2023 IC3 report documented over $5.6 billion in crypto-related fraud losses, with investment scams accounting for 71% ($3.96 billion).

Hawai‘i’s elderly are especially vulnerable, with reports emphasizing life-altering financial losses.

People should verify unsolicited offers by contacting institutions directly using official channels. Avoid urgency tactics, such as claims requiring immediate crypto kiosk transactions and report suspicious activity.

The FBI warns that recovery schemes often target scam victims a second time, with fake companies charging fees for bogus fund-tracing services.

Family members should educate the elderly ones about common crypto scams, such as fake investment opportunities or phishing attempts, and encourage skepticism of unsolicited offers. Help them recognize warning signs, like requests for immediate payments or promises of unrealistic returns.

It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)