ROSWELL, GA — Roswell police are warning residents about an alarming increase in cryptocurrency scams that are targeting elderly victims.

In the most recent case, a Roswell woman lost more than $100,000 after scammers posing as federal agents convinced her to deposit money into Bitcoin kiosks at gas stations. Police say she has so far only been able to recover about $15,000.

“These scams almost always start with a caller pretending to be from a trusted organization like your bank, Apple, or even a federal agency,” said Officer Tim Lupo with Roswell police. “They’ll tell you your account has been compromised or that you owe a fine and that the only way to settle the matter is to make deposits into a Bitcoin ATM. Once the money is sent, it’s gone.”

Lupo says detectives are actively working several of these cases, with more reports coming in each week. “Our most recent victim lost over $100,000,” he said.

Police warn that scammers often prey on the elderly, who may be less familiar with cryptocurrency and related technologies. “They are a trusting population, and they are also less familiar with some of these new technologies,” Lupo explained.

He added that criminals rely on two key tactics; urgency and isolation. “They will tell you that you have to act right now and that you can’t talk to anyone else about what’s happening,” Lupo said.

Instead, police urge residents to do the opposite; hang up, talk to a trusted person, and verify any information before taking action.

The Roswell Police Department says it will continue working to investigate these crimes.

WSB’s Cheryl Castro contributed to this story