Stepdad being scammed to invest in cryptocurrency?

Seeking Advice
1

My stepdad, who is 71, believes he’s in a long-distance relationship with a 34-year-old woman living in Boston that he met on a dating site.

He has sent a large amount of money, thinking he’s investing in cryptocurrency with her. His bank, Chase, closed his account due to fraud, and he moved his funds to another bank. Now he’s using something called Coin Bank for e-trading. Is Coin Bank legitimate or trustworthy?

I know this is a scam—there are so many red flags—but we haven’t been able to convince him. Has anyone heard of this type of scam before? Or have anything concrete we can use to help him see the truth?

We are working with the police, adult protective services, and pursuing power of attorney, but in the meantime, I’m looking for anything that might help.

2

If it’s tied to cryptocurrency, it’s unlikely to be a real bank. This type of scam is often called a pig butchering scam.

3

Hayden said:
If it’s tied to cryptocurrency, it’s unlikely to be a real bank. This type of scam is often called a pig butchering scam.

He’s likely not going to listen, unfortunately. When the money is gone, he’ll realize it was a mistake, but by then it’ll be too late.

4

Hayden said:
If it’s tied to cryptocurrency, it’s unlikely to be a real bank. This type of scam is often called a pig butchering scam.

Check out John Oliver’s segment on this. It explains the scam really well: https://www.youtube.com/watch?v=pLPpl2ISKTg

5

Guardianship might be the only way to stop him. Pig butchering scams are extremely convincing.

6

There’s no convincing someone in his position. They’re too emotionally invested and refuse to see the truth. Even if they lose everything, some will still believe in the scam. It’s heartbreaking, but you may need to let it go and protect yourself from the fallout.

7

Elderly people falling for these scams is sadly common. They believe what they want to believe, no matter how much you try to reason with them. At my credit union, we do our best to warn people, but when they insist on withdrawing all their money, we’re legally obligated to comply. It’s frustrating for everyone involved.

8

Here are a few steps you can take:

  1. Continue trying to convince him and involve other family members. An intervention might help.
  2. Report this as elder abuse to your state’s relevant agency. Provide as much information as possible.
  3. Send a certified letter to the ‘bank’ informing them about the scam and letting them know they could be held liable if they fail to act on suspected fraud. This might make them more cautious.
  4. Consider pursuing power of attorney to prevent him from making further financial mistakes.

Stay persistent, and I hope you can get through to him.

9

I’m so sorry you’re dealing with this. My father was in a similar situation, and we couldn’t stop him either. It’s incredibly frustrating.

10

The legitimacy of Coin Bank is probably the least of his problems right now.

11

I think this woman messages me too, using different numbers every time. It’s definitely a common scam.

12

Scammers targeting the elderly should face much harsher penalties.

13

I work as a fraud analyst, and we call this a sweetheart scam. It’s where someone pretends to be romantically interested in older people to exploit them financially. Try suggesting that he meet her in person or have a live video call. When she refuses or makes excuses, that could help him see the truth. I hope this helps, and I’m sorry you’re dealing with this.

14

This is pig butchering. If he doesn’t stop now, he’ll lose everything.