In September, 7 On Your Side Investigates brought you the story of an 83-year-old East Bay woman named Lois who lost nearly $50,000 to a scam at this Coinme kiosk in Rossmoor. The woman fell victim to a call from a supposed kidnapper demanding cryptocurrency payments for her grandson's release, demonstrating how sophisticated and manipulative these scams can be.
Lois recalled, 'A man said I have your grandson, he was so distraught and crying.' This emotional manipulation is a common tactic used by scammers, preying on victims' fears and desperation to ensure compliance and elicit immediate financial action from them.
John King from the Department of Financial Protection and Innovation emphasized the seriousness of the situation: 'They just destroy people's lives, they're despicable people.' This illustrates the broader implications of cryptocurrency scams, which not only result in financial loss but also significantly impact victims' mental health and wellbeing.
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