Cryptocurrency scams are booming, and some scammers are now tapping into Bitcoin ATMs to increase their returns after the machines have been popping up in convenience stores, gas stations and other high-traffic areas for years.
– Cryptocurrency scams are booming, and some scammers are now tapping into Bitcoin ATMs to increase their returns after the machines have been popping up in convenience stores, gas stations and other high-traffic areas for years.Federal Trade Commissioner Consumer Sentinel Network data shows fraud losses at BTMs skyrocketed nearly tenfold from 2020 to 2023. The FTC said those losses topped $65 million in just the first half of 2024.
The commission says the BTM scams are overwhelmingly about government and business impersonation and tech support scams. Scammers may also try to get a victim’s attention by using a fake security warning on a computer, and they will usually impersonate someone from Microsoft or Apple. After that, they’ll text you a QR code to scan at the machine, directing the cash you deposited into the scammer’s wallet.The FTC offers these tips to help you spot and avoid BTM scams:
Crytocurrency Money Bitcoin FTC 12 On Your Side
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