BITCOIN ATM SCAMS SKYROCKET NEARLY TENFOLD INCREASE SINCE 2020

Wed 04 September 2024:

New research from the US Federal Trade Commission (FTC) reveals a staggering rise in Bitcoin ATM scams, with losses nearly tenfold since 2020. “Since 2020, the amount consumers reported losing has increased nearly tenfold to over $110 million in 2023,” the FTC stated in a report released Tuesday.

Older Adults Hit Hardest as Bitcoin ATM Scam Losses Exceed $65 Million in First Half of 2023

The FTC reported that Bitcoin ATM fraud losses have already surpassed $65 million in just the first six months of this year. “During this timeframe, consumers over the age of 60 were more than three times as likely as younger adults to report losing money to Bitcoin ATM scams,” the report noted. Across all age groups, the median loss in the first half of 2023 was a shocking $10,000.

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How Scammers Exploit Bitcoin ATMs to Drain Consumer Savings

Bitcoin ATMs, which resemble traditional ATMs but dispense cryptocurrency instead of cash, are increasingly being exploited by scammers. Found in high-traffic locations like convenience stores and gas stations, these machines are being used by fraudsters who convince victims to deposit cash to “protect” their savings. “The lies told by scammers vary, but they all create some urgent justification for consumers to take cash out of their bank accounts and put it into a Bitcoin ATM,” the FTC explained. Once a victim scans a scammer-provided QR code, the money is immediately transferred to the scammer’s crypto account.

FTC Urges Caution: How to Protect Yourself from Bitcoin ATM Scams

The FTC advised consumers to exercise caution, recommending that they never click on unexpected links or respond directly to unsolicited calls, messages, or pop-ups. “If you think it could be legitimate, contact the company or agency, but look up their number or website yourself. Don’t use the phone number the caller or message gave you,” the agency advised.

It also stressed the importance of slowing down, avoiding hasty decisions, and never withdrawing cash in response to an unexpected request. “Don’t believe anyone who says you need to use a Bitcoin ATM, buy gift cards, or move money to protect it or fix a problem. Real businesses and government agencies will never do that – and anyone who asks is a scammer,” the FTC warned.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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