$130K Bitcoin Scam Tricks Union County Resident

SCOTCH PLAINS, NJ —Authorities said the Scotch Plains resident was contacted by someone claiming to work for a financial institution and was told there was suspicious activity tied to their accounts.

According to police, the caller instructed the victim to move money into a Bitcoin account as part of an effort to secure the funds. The resident followed those instructions and deposited more than $130,000 before realizing it was a scam, police said.

After the incident which took place on May 21, police continue to warn residents about scams involving callers posing as banks, fraud investigators or government agencies. Authorities say legitimate financial institutions will not ask customers to withdraw money or deposit funds into cryptocurrency accounts or Bitcoin ATMs to prevent fraud.

Residents are encouraged to contact their bank directly using an official phone number if they receive suspicious calls requesting money, banking information or cryptocurrency paymen