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In six months, the fraudsters have already managed to enrich themselves by $65 million.
The US Federal Trade Commission (FTC) has published alarming data on the growth of financial losses of citizens due to fraud using bitcoin ATMs. In 2023, the amount of damage exceeded $110 million, which is almost ten times higher than in 2020.
Bitcoin ATMs (or crypto ATMs), which look like ordinary ones, can be found in supermarkets, gas stations, and other crowded places. But unlike traditional ATMs, they are designed to buy and sell cryptocurrency.
Scammers have long adopted these devices. They call people, introducing themselves as employees of law enforcement agencies or government agencies, and convince them that their bank accounts are under threat. The criminals then persuade victims to transfer money through a bitcoin ATM, ostensibly to "protect" their savings. According to the latest FTC data, in the first six months of 2024 alone, Americans lost $65 million due to crypto ATM scams. The elderly turned out to be especially vulnerable: the risk of losses for citizens over 60 years old is three times higher than for young people.
The average amount of damage reported by victims of all age groups in the first half of the year reached $10,000. The amount is impressive and quite capable of seriously undermining the financial well-being of many families.
Most of the losses are associated with three main scenarios: attackers pretend to be representatives of government agencies, commercial companies or technical support services. It is important to convince the victim that the problem is urgent and there is no time to think.
As soon as users scan QR codes offered by scammers, their money instantly goes to the criminals cryptocurrency wallets. This process is almost irreversible - it is unlikely that the funds will be returned.
The FTC warns: "Bitcoin ATM fraud schemes are diverse. Usually, it all starts with a call or a message about allegedly suspicious transactions on the account. Sometimes scammers scare people with a fake warning about computer security problems, posing as Microsoft or Apple employees. Such messages are difficult to ignore, which is what scammers are counting on. Then they escalate the situation: they can say that all your savings are at risk or that you are suspected of money laundering or even involvement in drug trafficking".
To protect people from such traps, the FTC makes a number of recommendations. The main thing is not to rush to click on links or answer unexpected calls, messages, or pop-up notifications on your computer without checking their authenticity. To do this, you need to independently find the official contacts of the company or department and contact them directly.
Source
The US Federal Trade Commission (FTC) has published alarming data on the growth of financial losses of citizens due to fraud using bitcoin ATMs. In 2023, the amount of damage exceeded $110 million, which is almost ten times higher than in 2020.
Bitcoin ATMs (or crypto ATMs), which look like ordinary ones, can be found in supermarkets, gas stations, and other crowded places. But unlike traditional ATMs, they are designed to buy and sell cryptocurrency.
Scammers have long adopted these devices. They call people, introducing themselves as employees of law enforcement agencies or government agencies, and convince them that their bank accounts are under threat. The criminals then persuade victims to transfer money through a bitcoin ATM, ostensibly to "protect" their savings. According to the latest FTC data, in the first six months of 2024 alone, Americans lost $65 million due to crypto ATM scams. The elderly turned out to be especially vulnerable: the risk of losses for citizens over 60 years old is three times higher than for young people.
The average amount of damage reported by victims of all age groups in the first half of the year reached $10,000. The amount is impressive and quite capable of seriously undermining the financial well-being of many families.
Most of the losses are associated with three main scenarios: attackers pretend to be representatives of government agencies, commercial companies or technical support services. It is important to convince the victim that the problem is urgent and there is no time to think.
As soon as users scan QR codes offered by scammers, their money instantly goes to the criminals cryptocurrency wallets. This process is almost irreversible - it is unlikely that the funds will be returned.
The FTC warns: "Bitcoin ATM fraud schemes are diverse. Usually, it all starts with a call or a message about allegedly suspicious transactions on the account. Sometimes scammers scare people with a fake warning about computer security problems, posing as Microsoft or Apple employees. Such messages are difficult to ignore, which is what scammers are counting on. Then they escalate the situation: they can say that all your savings are at risk or that you are suspected of money laundering or even involvement in drug trafficking".
To protect people from such traps, the FTC makes a number of recommendations. The main thing is not to rush to click on links or answer unexpected calls, messages, or pop-up notifications on your computer without checking their authenticity. To do this, you need to independently find the official contacts of the company or department and contact them directly.
Source
