Coggon Man Taken for $15K in Latest Crypto Scam Plaguing Iowa and the Nation

I've written about this topic several times over. The scams across the United States are taking a toll on our elderly, lonely, and misinformed. Take the latest report from CNN that spoke with a Coggon man who was scammed out of nearly $15,000 dollars over the phone by a man claiming to be a "bank president". The threats and stories from the scammer are "go-to" lines meant to drain your bank account and let them get away without a trace.

Shelby “Gus” Cason, 69, received a phone call telling him he would face arrest if he didn’t act quickly. The caller spun a complicated story about his bank accounts and alleged illegal activity, and Cason, who was already recovering from a stroke, was panicked. Following instructions, he withdrew $15,000 and deposited nearly all of it into a Bitcoin ATM at a local store in Marion, Iowa. The money was immediately converted to cryptocurrency and sent to a wallet Cason didn’t control. By the time he realized he had been scammed, the funds were gone. The full account is also outlined in an Iowa Supreme Court document.

Scammers use a handful of familiar angles to get inside your life and your wallet. I've talked about how my extended family members have recently dealt with a romance scheme that pulled hundreds of thousands of a dollars away from a retired grandmother. These scammers pose as a romantic interest to build trust and ask for cash in an “emergency.” Some scammers threaten arrest, lawsuits, or legal consequences to force you into immediate action, like in the case of Mr. Cason.

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They’ll promise unbelievable returns in fake investment schemes, or impersonate tech support to convince you to click, call, or wire money. Even my own grandmother has been targeted with the classic grandparent scam. It always the same, she gets a phone call and it says, “I’m your grandson, I’m in trouble or hurt, send (bail) money.” Anytime that ever happened my grandma was smart enough to hang up and immediately call my cell phone. I have assured her I was fine (not in jail or injured) on at least three separate occasions. This scam still works today because it plays on emotion and panic. Often the victim is coached step-by-step to deposit cash at a cryptocurrency ATM, because once cash becomes crypto and leaves your wallet, it’s almost impossible to get back or track.

So how do you avoid becoming the next headline? First, stop and don’t panic. Scammers rely on urgency. So, take a deep breath and really think through what is being asked of you. Second, verify independently. That means you need to hang up and call your bank or the agency in question using a public number you look up yourself. Third, never send money to someone you haven’t met in person. Additionally, never pay with gift cards, wire transfers, or crypto at an ATM on someone else’s instruction. Fourth, talk to someone you trust before making big financial moves; a second set of eyes can alleviate some serious financial hardships later. Finally, save evidence if you were targeted. Save any screenshots, receipts, wallet addresses and additional information to appropriately and effectively report the crime. In Iowa, victims can call the Attorney General at 888-777-4590 or file a complaint online.

Scammers are creative and relentless, but they aren’t invincible. A little skepticism, a quick phone call, and a refusal to be rushed can protect your savings, your emotional well-being, and your peace of mind.