September 3, 2024 at 04:42PM
The FTC reported a significant increase in losses from Bitcoin ATM scams, reaching over $110 million in 2023 and $65 million in the first half of 2024 for Americans. Scammers impersonate authorities to convince victims to deposit cash, with consumers aged 60 and older being more vulnerable. The FTC provided tips to avoid these scams, and the FBI also warned about the risks of using cryptocurrency ATMs.
From the meeting notes, it’s clear that the U.S. FTC has reported a significant increase in losses related to Bitcoin ATM scams. In 2023, the losses reached over $110 million, a tenfold increase from 2020. These scams often involve impersonating law enforcement or government officials, convincing victims to deposit cash to protect their savings. In the first half of 2024 alone, Americans lost $65 million in such scams, with older consumers being more vulnerable. The scams typically involve urgent scenarios and convincing victims to deposit cash into Bitcoin ATMs, leading to their money being transferred directly into the scammers’ cryptocurrency wallets. The FTC advised consumers to verify the legitimacy of unexpected communication, take time when making financial decisions, and not believe requests to use Bitcoin ATMs, buy gift cards, or move money to fix a problem, as legitimate entities will not make such requests. The FBI also warned of criminals using cryptocurrency ATMs and QR codes to make it harder to recover losses. This information highlights the importance of being vigilant and verifying any unexpected financial requests to avoid falling victim to these scams.