(WOLF) – Authorities are warning of financial fraud that targets both unsuspecting and tech-savvy users.

In a press release, Wyoming County District Attorney Joe Peters stated that criminal gang members are using Bitcoin to lure both unsuspecting seniors and digitally savvy young victims who already use electronic currencies.

The scams may involve complex financial scenarios that can confuse victims and entice them to continue communicating with the scammers.

Peters pointed out that neither the government nor any reputable bank or internet company will ever call you and ask you to exchange your money for bitcoin. If you are asked to do so, hang up and contact your bank and local authorities.

“Banks and financial institutions could help by immediately alerting police to large withdrawals so that the transaction and the criminals can be intercepted before the money is deposited in Bitcoin,” Peters said.

The prosecutor’s office has also described two scenarios for these scams. Below you can read some examples of what to look out for:

First scenario:

Victim #1 stated that she was using her computer online when a screen appeared indicating a virus and telling her to call Microsoft. The victim called the number provided (it was not Microsoft, but a criminal gang) and was informed that a scan was being performed on her computer. She stated that she saw scans being performed on her computer and was informed by the fake Microsoft employee that there was a problem with her bank account. She was told that she would be connected to a bank representative (also fake) who then called her on her cell phone. She was told that her account had been compromised and that she needed to encrypt the funds in her account. She was advised to withdraw $25,000 in cash from her account and have it encrypted. The caller gave her a Bitcoin encryption QR code that she could use to encrypt her funds. She was told that employees at her bank may be involved in the problems with her account and that she should “not inform the bank” of what she was doing. The victim went to two different locations and deposited a total of $25,000 into Bitcoin ATMs. She took a photo of the transaction and sent it to the fake employee. The victim was on the phone with the fake employee during the bank withdrawal and Bitcoin deposit. The fake employee told the victim to hide her cell phone in her pocket the entire time so that the fake employee (the criminal) could hear and verify that she had sent the money.

Second scenario:

Victim #2 received an email from the Geek Squad requesting an annual renewal. He called the phone number in the email and was informed that his identity had been compromised/stolen. He was advised to contact his bank’s security department about the situation. The victim was allegedly connected to the bank’s security department and was informed that his identity had been used for child pornography. Due to the severity of the allegations, they would need to contact the Federal Trade Commission. To resolve this issue immediately, the victim was instructed to withdraw $15,000 from his bank and convert the funds into Bitcoin. The victim then went to a location in a neighboring county and deposited $14,600 into a Bitcoin ATM. He was told the funds would be converted to a virtual wallet to protect his funds, but he did not have access to the wallet. The victim was on the phone with the fake employee (criminal) during the bank withdrawal and Bitcoin deposit. On the perpetrator’s instructions, the victim hid his cell phone in his pocket the whole time so that the perpetrator could listen in and check everything.