If It Sounds Too Good To Be True, It Probably Is

BAY COUNTY, FL – Bay County Sheriff, Tommy Ford, today issued a Scam Alert involving foreign currency “investments”.

A local financial institution that offers foreign currency exchange as part of their services has reported to the BCSO a rapid rise in customers requesting to purchase Vietnamese currency. This scam has, in the past, involved the Iraqi Dinar, the Egyptian Pound, and now the Vietnamese Dong.

The false promise begins with a phone call, or a post through social media, often to those who call themselves “Preppers”. The claim is that the foreign currency is going to be “re-set” or “revalued” by their government. This will make the currency worth much more against major currencies like the U.S. dollar. The investment is pitched as low-risk and high-reward.

The reality is that the revaluation claim by scammers is extremely unlikely. Even if the country’s economy grows, it will likely be gradual growth and not a big, quick return on the victim’s investment, as promised.

The currency sold is real, but extremely difficult to resell, and it holds NO VALUE for investment.

Please do not participate in this scam! Remember: if incredible returns are promised for a nominal initial investment, it’s probably too good to be true.

If you are victimized by any scam, please reach out to us. Call the Bay County Sheriff’s Office at 850-747-4700 and we will help you any way we can.