Crypto Criminals Part 2: Experts Explain
The Perfect Scam
AARP
4.5 • 980 Ratings
🗓️ 29 July 2022
⏱️ 51 minutes
🧾️ Download transcript
Summary
In the second part of our special report, Bob sits down with experts to learn why cryptocurrency-based scams, like the one Mei Mei experienced, are exploding in popularity. Amy Nofziger, director of victim support, shares stories from the AARP Fraud Watch Network™ Helpline, and Kathy Stokes, director of fraud prevention, discusses changes that are needed to protect consumers. Cryptocurrency scholar Lee Reiners provides a big-picture view of why crypto enables scams.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | This week on the Perfect Scam. |
| 0:03.0 | We're seeing a lot of investment related scams. |
| 0:07.0 | You click on an ad on social media and you're taken to a what looks like a legitimate cryptocurrency trading site and you start buying |
| 0:17.6 | and selling and when you actually try to sell and get your money out you realize then that you've just been putting all of your money into a scammer's pocket. |
| 0:26.6 | Cryptocurrency tailor-made to suit the needs and purposes of criminals. |
| 0:32.2 | And when it comes to actually using... the needs and purposes of criminals. |
| 0:32.9 | And when it comes to actually using crypto, |
| 0:36.1 | it's principally being used for illicit purposes. |
| 0:39.3 | And it's not hard to understand why because you know with cryptocurrency large sums can be transferred |
| 0:47.2 | instantaneously worldwide. |
| 0:49.8 | Welcome back to the perfect scam and our special two episode series on |
| 0:57.8 | cryptocurrency scams. I'm your host Bob Sullivan. Last week we heard from May Soe, she lost her life savings and money she borrowed because of |
| 1:09.2 | a crypto scam. |
| 1:11.3 | There are so many stories like May-aimays that we've heard recently. This is a new crime and things are moving fast. |
| 1:19.0 | The Federal Trade Commission says crypto recently became the number one way people who are victims of scams send their money to the criminals. |
| 1:29.0 | Cripo scams don't discriminate. In fact, younger people are more likely to report being victims, but older |
| 1:35.8 | people report bigger thefts, according to the FTC. |
| 1:39.8 | Median losses are $11,000 for victims in their 70s. |
| 1:45.0 | That's why we're doing this special two-part episode. |
| 1:48.0 | We're going to hear a bit about how crypto really works |
| 1:50.7 | and the history of crypto in a moment. |
| 1:53.0 | But first, we wanted to talk to someone on the front lines, |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from AARP, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of AARP and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.