October 16, 2021
Scam/Fraud

Oregon FBI’s Tech Tuesday: Building a digital defense against ‘coin cons’

PORTLAND, Ore. (KTVZ) — This week, the Oregon FBI’s Tech Tuesday segment focuses on building a digital defense against coin cons.

The FBI and the Department of Treasury have a warning about fraudsters who are targeting coin collectors and investors through online auction, social media, and retail websites.

There are three types of counterfeit coins: transactional coins (quarters, dimes, etc.), numismatics (high value collectables), and bullion (precious metals). The scammers are using online ads, claiming the coins are authentic; however, consumers are receiving fake coins and precious metals.

Online estimates reveal that consumers spend millions of dollars buying valuable or rare coins, but most receive near-worthless foreign-made counterfeits. The U.S. government is seizing an increasing number of counterfeit coins at US ports-of-entry. For example, in April 2021, U.S. Customs and Border Protection (CBP)…

Read full article here: ktvz.com