COLUMBUS, Ohio — The Bureau of Criminal Investigation's Electronic Fraud Investigations unit was created over the summer to form a bridge between local and federal law enforcement, lead investigations, prosecute offenders and recover stolen money.

What You Need To Know

  • The Bureau of Criminal Investigation's Electronic Fraud Investigations unit was created over the summer to form a bridge between local and federal law enforcement

  • The new unit recently recovered $130,000 lost in a cryptocurrency scam, its first victory as a specialized team

  • Yost created the unit to specialize in cyber financial crimes and assist law enforcement with tools and tips to both recover and prevent financial fraud

The new unit recently recovered $130,000 lost in a cryptocurrency scam, its first victory as a specialized team. 

“Criminals are hitting cryptocurrency scams hard which can have lasting impact to your bank account and your credit history,” Ohio Attorney General Dave Yost said in a news release. “Recovering lost electronic funds can be a sophisticated goose chase, but our agents and analysts are getting ahead of the curve to help victims recoup their money.”

Yost created the unit to specialize in cyber financial crimes and assist law enforcement with tools and tips to both recover and prevent financial fraud.

“These days most financial transactions are electronic, creating an opportunity for online criminals and scammers to commit crimes, but you don’t have to be a victim,” said Worthington Chief of Police Eric Grile in a release. “The solution to the issue is to be vigilant and report suspicious activity immediately. Thanks for the work of BCI, they were able to recover some of the money back for our resident.”

The Worthington police worked alongside the department to investigate a scam involving a 75-year-old female victim. The woman received pop-up on her computer warning she was a victim of fraud. She then called the number provided in the warning and was told that “fraudulent activity” was observed on her husband’s bank account.

Scammers instructed her to withdraw $1,000 in funds and deposit them into a Bitcoin ATM. The scam escalated from there until the victim finally reported it to the police. She reported a total loss of $280,000.

Some funds were able to be recovered, about $130,000 which will be returned to the victim. BCI agents used tools to trace the cryptocurrency on the blockchain, a digital ledger, in order to get the funds.

BCI said in a news release that full recoveries are difficult with cryptocurrency scams because of the multiple rapid movements of funds after scammers receive them.