As cryptocurrency continues to grow in popularity, so do scams targeting unsuspecting investors — especially older adults. Senior Medicare Patrol (SMP) Hawaiʻi is warning kūpuna and their loved ones about a dangerous new wave of crypto-related fraud sweeping across the islands.
These scams are sophisticated, emotionally manipulative, and devastating — both financially and emotionally. Awareness and prevention are key to staying safe.
Scammers are reaching out to Hawaiʻi residents through social media, phone calls, and text messages, posing as friendly and trustworthy individuals. Over time, they build a relationship and earn the victim’s confidence.
Once trust is established, the scammer convinces the person to “invest” in cryptocurrency with promises of huge returns. The investment, however, is fake — and once the money is sent, the scammer vanishes.
This cruel method is known as a “pig butchering” scam, named for the way scammers “fatten up” their victims with attention and false promises before stealing their savings.
Other common crypto scams include:
According to the FBI’s Internet Crime Complaint Center (IC3), Hawaiʻi residents lost over $24 million to crypto scams in 2024 alone — following $32 million in 2023 and $16.5 million in 2022.
Older adults are often the hardest hit, suffering not only financial loss but also shame, anxiety, and emotional distress.
“Protecting kūpuna means shielding them from all types of scams,” said Norma Kop, Director of SMP Hawaiʻi.
“Even non-Medicare scams can affect Medicare. These scams hurt people’s health, safety, and peace of mind. Many older adults feel deeply ashamed after being scammed and some never recover financially or emotionally.”
As Hawaiʻi continues to rank among the states with the longest life expectancy, everyone — from family members to caregivers and community organizations — plays a role in protecting our kūpuna, especially those who live alone, are isolated, or face memory challenges.
Be alert for the following red flags:
If something feels off, it probably is. Scammers rely on urgency and emotion — taking a moment to pause and verify can save you thousands.
Here are key steps to protect yourself and your loved ones:
Senior Medicare Patrol Hawaiʻi (SMP Hawaiʻi) is dedicated to helping Medicare beneficiaries, caregivers, and families prevent and report fraud.
While SMP focuses on Medicare-related scams, the program also provides free education, resources, and referrals for other types of fraud — including cryptocurrency scams — that impact the health, safety, and financial stability of Hawaiʻi’s residents.
Looking for a way to help your community stay safe and informed?
SMP Hawaiʻi’s volunteer program offers opportunities to get involved through:
Volunteering not only strengthens the community but also helps you stay informed and empowered against fraud.
Crypto scams are becoming more advanced and harder to spot — but education and community vigilance can make a difference.
By learning the warning signs, staying connected, and sharing information, we can protect Hawaiʻi’s kūpuna from financial harm and emotional distress.
If you or someone you know suspects a scam, don’t stay silent.
Contact Senior Medicare Patrol Hawaiʻi today for confidential assistance and resources.
