Crypto Scams: Is This the New Wire Fraud?

The “modern update” to this wire transfer scheme is that it can be done with no witnesses. With wire transfers, victims often had to fill out a form at the bank and hand it to a bank teller. The victim would have longer to think about the actions and more than likely, realize their mistake while filling out the form. By making a transfer as effortless as scanning a QR code, criminals can talk their way into situations, and victims have less time to consider whether or not to send money to a complete stranger.

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