Bitcoin ATMs Become Hotbed For Scams: FTC

Web Desk — The Federal Trade Commission (FTC) has warned people about increasing fraud at Bitcoin ATMs.

According to the FTC report, the ATMs allowing people to turn their cash into crypto, have become a tool for scammers to perpetrate fraud.

The FTC says that fraud at Bitcoin ATMs has become manifold since 2020. It says that just in the first half of 2024, consumers have lost more than $66 million to these scams.

To convince people, scammers use tactics like fake phone calls, messages, and security alerts telling people that they’re in danger and that they should deposit cash into a Bitcoin ATM to protect it. Later, the scammer may share a QR code to scan at the Bitcoin ATM, which deposits the cash into the scammer’s wallet.