A scammer typically makes initial contact with a potential victim through text messages, direct messages on social media, or other communication tools and platforms, usually under the guise of accidentally reaching a wrong number or trying to re-establish a connection with an old friend. The scammer, who may claim to be an investor or money manager, may also create a social media profile which showcases wealth and an enviable lifestyle. Once the scammer elicits a response from a victim, the scammer will communicate with them over time to establish trust and build a relationship.
Once trust or a relationship has been established, the scammer will introduce the victim to a supposedly lucrative investment opportunity in virtual currency and direct them to use virtual currency investment websites or applications designed to appear legitimate, but which are fraudulent and controlled or manipulated by the scammer. According to the FBI, many victims reported being directed to make wire transfers to overseas accounts.
Once the victim invests with the scammer, the scammer will show the victim extraordinary returns on the investment that are fabricated. The scammer may even allow the victim to withdraw a small amount of that investment to further build the victim’s confidence before urging the victim to invest more.
If you are a client of Cathay Bank and believe that you are a victim, contact Cathay Bank at 800-922-8429 or forward the information to us at [email protected] and local police. The longer you wait, the harder it is for Cathay Bank to reverse any fraudulent transactions and for law enforcement to trace, freeze or seize stolen funds.
