(Scam Alert - KIWA Staff Photo)Iowa (RI) — The Iowa Insurance Division’s Fraud Bureau says advances in technology are helping investigators recover money lost to scams and track down criminals who thought cryptocurrency would be impossible to trace.
Bureau Chief Matt Mortvedt says a recent tip from a securities broker-dealer led investigators to a cryptocurrency fraud case in which they were able to recover about $3 million.
Mortvedt says his office has spent significant time learning how cryptocurrency transactions work and adapting investigative techniques as technology evolves.
He says the bureau has seized nearly $4 million in cryptocurrency this year.
The Fraud Bureau also recently secured a deferred judgment and more than $80,000 in restitution from an Illinois man involved in a scam targeting an elderly Grimes couple. Investigators say the victims were told they needed to convert assets into gold because of alleged identity theft concerns.
Mortvedt says scammers often use sophisticated methods to avoid detection, including using couriers to collect money directly from victims.
In that case, investigators worked with the victims to help catch the courier.
Mortvedt encourages Iowans to verify suspicious messages and seek advice from trusted sources before sending money or sharing information.
The bureau is also continuing its public education efforts through “Stop the Scammers” events around the state.
Mortvedt says the best outcome is preventing scams before victims lose money, rather than trying to recover the funds afterward.
