It appears Bank Central Asia (BCA) is addressing concerns as reports emerge that its accounts were unknowingly caught up in a cryptocurrency scam targeting everyday investors.

Details from local news source Tempo.co suggest this elaborate scam unfolded through social media, where contact was first established with unsuspecting individuals before BCA accounts were used to collect payments.

Heartbreakingly, one 63-year-old victim recounted losing approximately $20,000 (Rp330 million) – a significant portion of her and her husband’s hard-earned retirement funds.

In response, Hera F. Haryn, BCA’s EVP of Corporate Communication & Social Responsibility, conveyed to Tempo that “BCA consistently backs law enforcement initiatives and remains open to coordinating with relevant authorities.”

She further cautioned, “We encourage customers to remain cautious of various fraudulent tactics and to never disclose their banking information,” emphasizing the need for public vigilance.

Investigators are revealing that these scammers initially reached out through social media platforms such as WhatsApp, promoting a cryptocurrency investment group purportedly managed by “Professor AS.” Victims were then directed to invest via the JYPRX platform, where BCA and BRI bank account details were provided for fund transfers.

To cultivate trust, the fraudsters reportedly started by giving out bonuses in USDT stablecoin and even allowed initial, small withdrawals. However, the situation then took a turn as accounts were frozen under the guise of an “investigation,” followed by pressure to return the “bonus” and invest in a new cryptocurrency.

Despite victims like the 63-year-old complying with these demands, they tragically found their bank balances still out of reach.

Police expose network

This incident follows a recent announcement on March 19th from Jakarta’s cybercrime unit, where they revealed they had dismantled an online fraud ring that was deceptively presenting itself as legitimate stock and cryptocurrency investment opportunities.

The estimated losses from this network are staggering, with roughly 90 individuals believed to have lost a combined $90,000 (Rp105 billion).

Earlier in March, authorities in California also cracked down on digital fraud, shutting down 26 cryptocurrency scam websites linked to a massive $4.6 million in losses.

These smaller-scale scams underscore a broader and concerning trend in the crypto space, especially in the wake of the massive Bybit theft where over $1.4 billion was stolen and remains under active investigation.

Edited by Stacy Elliott.