Bitcoin ATMs: A New Frontier for Scammers
Bitcoin ATMs have been around for a while, and they’re becoming increasingly popular. But they’re also becoming a target for scammers. A recent report from the U.S. Federal Trade Commission (FTC) found that Americans lost $65 million in the first half of 2024 to scams involving bitcoin ATMs. Consumers ages 60 and older were more than three times as likely as younger adults to report losses. 😨
How do these scams work?
These scams are often carried out by people who impersonate government officials or other authority figures. They create a sense of urgency by telling victims they need to withdraw cash from their bank accounts and deposit it into a bitcoin ATM to protect their money. 💰
Once the victim deposits the cash, the scammer sends them a QR code to scan at the machine. This code then transfers the money directly to the scammer’s wallet.
How can you protect yourself?
The FTC has some simple but effective advice to help you avoid becoming a victim of these scams:
- Never withdraw cash in response to an unexpected call or message.
- Legitimate authorities would never ask you to use a bitcoin ATM.
- Be wary of anyone who claims they need to use a bitcoin ATM to transfer money.
While Bitcoin is often touted as a secure way to protect money, these scams show that it’s still possible to lose your savings if you’re not careful. Stay vigilant and be aware of the risks!
