09/05/2024

FTC Issues Warning about Bitcoin ATM Scams

Here is how to protect yourself

A new report from the Federal Trade Commission (FTC) shows that money lost to fraudulent bitcoin ATM scammers increased nearly tenfold between 2020 and 2023.

Per the spotlight report published on Sept. 3, fraud losses have amounted to approximately $66 million in the first half of 2024. By comparison, scammers stole a total of $12 million throughout the entire year of 2020. The median amount of money lost by scam victims was approximately $10,000 in the first half of this year.

General ATM scams are very common. Earlier this year, federal authorities conducted arrests on individuals for installing skimming devices on ATMs, which illegally collect the card numbers of customers.

Please select this link to read the complete article from TIME.