October 20, 2021

Ill. attorney general warns of scam involving cryptocurrency payments — Scam Guards

ILLINOIS (KFVS) – Attorney General Kwame Raoul is warning Illinois residents to be on the lookout for a scam involving cryptocurrency payments.

According to the attorney general’s office, residents should be on the lookout for people falsely claiming to be affiliated with ComEd.

Raoul said the caller, claiming to be from ComEd, threatens to shut off the call recipient’s electricity unless a payment for a supposed past-due bill is received immediately.

Callers direct people to nearby bitcoin ATMs, which buy or sell bitcoins for cash. Instead of inserting a debit card to withdraw cash, people insert cash and have bitcoins sent to a bitcoin wallet.

Raoul warned that bitcoin delivery is instant, and consumers making such payments have almost no way to recover the money.

“Scammers are demanding cryptocurrency because it is immediate and irreversible – by the time you make the transfer, it is too late,” Raoul said….

Read full article here: scamguards.org