The State of Washington Department of Financial Institutions (DFI) has received a complaint from a Washington consumer against Socatid.com. The consumer reported that Socatid.com acts as a wallet for cryptocurrency but does not allow withdrawals before shutting down the account, thus keeping any funds provided by the consumer.
The scammer reportedly provided the following information to the consumer. The website is the same as its name, [www.socatid.com], which reroutes to a webpage for a company named Bekrotax.com, LTC, incorporated in the Republic of Seychelles. These alleged facts have not been verified by the Department.
It appears that this consumer may have been a victim of a money transmission scam.
Socatid.com is not licensed by the DFI and is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.
The Washington State Department of Financial Institutions warns Washington consumers not to send money to someone they do not know or trust if the circumstances are unusual and the person requests money in advance or because of a claimed emergency. Once money has been sent by a money transmitter and it is received by the person to whom the consumer instructed it be sent, the money cannot usually be returned.
Consumers should:
- Not send money to someone that they have not met in person.
- Stay informed about current scams involving money transfers.
- Never send money to someone that has provided the consumer with a payment by check and is asking the consumer to then send money back to them.
- Make sure that the company or person that they are sending to is legitimate.
- Contact the money transmitter immediately if the consumer believes that they have been scammed.
- When sending money, verify that the money transmitter is licensed. Consumers can use the “Verify a License” feature on DFI’s website at www.dfi.wa.gov to make sure that a money transmitter is licensed to conduct business in the state of Washington.
- Not provide any personal information, such as social security number or bank account number or access if the company is not licensed or authorized to conduct business.
Important Information for All Consumers
- If you feel you have been the victim of a scam you can contact the FTC at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov; or the Consumer Financial Protection Bureau (CFPB) at 1-855-411-CFPB (2372) or online at www.consumerfinance.gov.
- If the scammers already have your bank account information, social security number, or other personal information, you may be a victim of identity theft. You can contact your bank and the three major credit bureaus to take appropriate precautions. The FTC has information for victims of identity theft online at www.ftc.gov.
- If you feel you have been the victim of a scam involving the internet you can contact the Internet Crime Complaint Center online at www.ic3.gov.
- If you feel you have been the victim of a financial scam and are concerned about your personal financial information, you can contact your banking institution and the three major credit bureaus. Procedures for contacting the credit bureaus are available on the FTC’s website at www.ftc.gov.
- Keep informed about common scams. Visit www.consumer.ftc.gov and click on “Scam Alerts” for information about recent scams.
- If you live in another state, find the regulator in your home state.