The FTC is issuing a warning to all Bitcoin users about the growing rise in ATM scams.
In 2023, the number of scams reached another all-time high as losses crossed the $110 million figure. That’s nearly ten times the amount we saw in 2020.
Bitcoin ATMs have always been looked at as a local and convenient option found inside stores, gas stations, and other public places. It’s not like they dispense cash like the classic ATM machine but they give you the chance to purchase and sell crypto.
For so long, scammers have succeeded at tricking victims into cash depositions while disguising themselves as officials from the police or government. Such schemes have criminals warning targets about account breaches and convincing them to add more money so savings remain protected.
As per the latest report from the FTC, so many Americans lost close to $65 million during the first half of 2024 through scams that include Bitcoin ATMs.
Moreover, the FTC also issued warnings about consumers above age 60 and more that they were more likely to be targeted as victims than their younger counterparts. As a whole, the median loss reported during the year’s first half was $10,000 which is alarming.
A lot of these Bitcoin ATM scam losses arise through impersonation and tech support events. Criminals get really creative and disguise themselves as government officials and force victims to get money withdrawn from accounts and deposit them inside Bitcoin ATMs.
But after consumers scan QR codes given by scammers, the cash gets transferred with so much ease into the scammers’ crypto wallets. They usually begin with an impersonation call or text about suspicious activity for unauthorized charges on any account.
Others get attention from victims through fake warnings on their PCs where they pretend like it’s in front of Apple or Microsoft. It’s hard to ignore the warnings sometimes as they seem so real to targets.
Now, the FTC is providing more assistance to Bitcoin users about how they can avoid the scams from arising in the first place. This includes avoiding any links that seem suspicious and not answering calls or texts from unknown contacts. Also, victims shouldn’t entertain any pop-ups without confirming their legitimacy.
Other than that, the FTC warned that making decisions in a rush always tends to cost the user. Therefore, always slow down and take time because scammers tend to rush you so you can fall into the trap easily.
Read next: Microsoft And Apple Come Head To Head Again About Cloud Gaming Services On iOS
In 2023, the number of scams reached another all-time high as losses crossed the $110 million figure. That’s nearly ten times the amount we saw in 2020.
Bitcoin ATMs have always been looked at as a local and convenient option found inside stores, gas stations, and other public places. It’s not like they dispense cash like the classic ATM machine but they give you the chance to purchase and sell crypto.
For so long, scammers have succeeded at tricking victims into cash depositions while disguising themselves as officials from the police or government. Such schemes have criminals warning targets about account breaches and convincing them to add more money so savings remain protected.
As per the latest report from the FTC, so many Americans lost close to $65 million during the first half of 2024 through scams that include Bitcoin ATMs.
Moreover, the FTC also issued warnings about consumers above age 60 and more that they were more likely to be targeted as victims than their younger counterparts. As a whole, the median loss reported during the year’s first half was $10,000 which is alarming.
A lot of these Bitcoin ATM scam losses arise through impersonation and tech support events. Criminals get really creative and disguise themselves as government officials and force victims to get money withdrawn from accounts and deposit them inside Bitcoin ATMs.
But after consumers scan QR codes given by scammers, the cash gets transferred with so much ease into the scammers’ crypto wallets. They usually begin with an impersonation call or text about suspicious activity for unauthorized charges on any account.
Others get attention from victims through fake warnings on their PCs where they pretend like it’s in front of Apple or Microsoft. It’s hard to ignore the warnings sometimes as they seem so real to targets.
Now, the FTC is providing more assistance to Bitcoin users about how they can avoid the scams from arising in the first place. This includes avoiding any links that seem suspicious and not answering calls or texts from unknown contacts. Also, victims shouldn’t entertain any pop-ups without confirming their legitimacy.
Other than that, the FTC warned that making decisions in a rush always tends to cost the user. Therefore, always slow down and take time because scammers tend to rush you so you can fall into the trap easily.
Read next: Microsoft And Apple Come Head To Head Again About Cloud Gaming Services On iOS
