--- title: "Massive Increase in Losses with Bitcoin ATM Scams – 2024" canonical: https://scamsnow.com/massive-increase-in-losses-with-bitcoin-atm-scams-2024/ type: post author: "SCARS Editorial Team" published: 2024-09-03 modified: 2024-09-03 categories: ["Government & Regulatory", "2024", "COUNTRY SPECIFIC", "Crimes & Criminals", "Government Sources", "SCARS Institute Editorial Team"] summary: "" organization: "ScamsNOW.com - the Official Magazine of Scams Fraud & Cybercrime" organization_url: https://scamsnow.com/ llms: https://scamsnow.com/llms.txt --- # Massive Increase in Losses with Bitcoin ATM Scams – 2024 # Massive Increase in Losses with Bitcoin ATM Scams ## New FTC Analysis Shows Crypto ATM Scams Increased Nearly 1,000% to Over $110 Million in 2023 ### Primary Category: News & Analysis ##### Author: • [SCARS Editorial Team](https://scamsnow.com/?s=SCARS+Editorial+Team) - Society of Citizens Against Relationship Scams Inc. • United States Federal Trade Commission (FTC) ## About This Article New data from the U.S. Federal Trade Commission (FTC) reveals a dramatic increase in losses due to Bitcoin ATM scams, with consumer reports showing nearly a tenfold rise since 2020, reaching over $110 million in 2023. The first half of 2024 alone saw losses exceed $65 million, with older adults particularly vulnerable, being three times more likely to report losses than younger individuals. Scammers commonly use Bitcoin ATMs in schemes involving government impersonation, business impersonation, and tech support scams, urging victims to deposit cash into these machines under false pretenses. This alarming trend underscores the need for increased awareness and caution when dealing with unexpected financial requests involving Bitcoin ATMs. ## New U.S. Federal Trade Commission (FTC) Data Shows Massive Increase in Losses to Bitcoin/Cryptocurrency ATM Scams Reports from consumers show a nearly tenfold increase since 2020 in the amount lost to scammers using Bitcoin ATMs New data from the Federal Trade Commission shows a massive increase in the amount of money consumers report losing to scammers involving Bitcoin ATM machines. Since 2020, the amount consumers reported losing has increased nearly tenfold to over $110 million in 2023. ## Increased nearly 1,000% to over $110 million in 2023 Even More in 2024 - $66 million Year To Date! Bitcoin ATMs are machines that look like a traditional ATM and are often found at convenience stores, gas stations, and other high-traffic areas. Instead of distributing cash, they accept cash in exchange for cryptocurrency. Their use by scammers, who urge consumers to deposit cash into them to “protect” their savings, is on the rise. In a newly released data spotlight, the FTC says that fraud losses to Bitcoin ATMs have topped $65 million in just the first six months of 2024. 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. Across all ages, the median loss reported in the first half of this year was a staggering $10,000. The majority of scam losses involving Bitcoin ATMs come as a result of government impersonation, business impersonation, and tech support scams. 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. As soon as consumers scan a QR code provided by scammers at the machine, their cash is deposited straight into the scammers’ crypto account. ## Bitcoin ATMs: A Payment Portal for Scammers Bitcoin ATMs (or BTMs) have been popping up at convenience stores, gas stations, and other high-traffic areas for years. For some, they’re a convenient way to buy or send crypto, but for scammers, they’ve become an easy way to steal. FTC Consumer Sentinel Network data show that fraud losses at BTMs are skyrocketing, increasing nearly tenfold from 2020 to 2023, and topping $65 million in just the first half of 2024. Since the vast majority of frauds are not reported, this likely reflects only a fraction of the actual harm. Cryptocurrency surged as a major payment method for scams in recent years, along with the massive growth in crypto payments on fake investment opportunities. But now crypto is a top payment method for many other scams, too. Widespread access to BTMs has helped make this possible. Reports of losses using BTMs are overwhelmingly about government impersonation, business impersonation, and tech support scams. And when people used BTMs, their reported losses are exceptionally high. In the first six months of 2024, the median loss people reported was $10,000. - - In the first half of the year, people 60 and over were more than three times as likely as younger adults to report a loss using a BTM. In fact, more than two of every three dollars reported lost to fraud using these machines was lost by an older adult. Scams that use BTMs work in lots of different ways. Many start with a call or message about supposed suspicious activity or unauthorized charges on an account. Others get your attention with a fake security warning on your computer, often impersonating a company like Microsoft or Apple. These things are hard to ignore, and that’s the point. From there, the story quickly escalates. They might say all your money is at risk, or your information has been linked to money laundering or even drug smuggling. The scammer may get a fake government agent on the line – maybe even claiming to be from the “FTC” – to up the ante. So where do BTMs fit into the story? Scammers claim that depositing cash into these machines will protect your money or fix the fake problem they’ve concocted. They’ve even called BTMs “safety lockers.” They direct you to go to your bank to take out cash. Next, they send you to a nearby BTM location – often a specific one – to deposit the cash you just took out of your bank account. They text you a QR code to scan at the machine, and once you do, the cash you deposit goes right into the scammer’s wallet. ## How Can You Spot and Avoid These Scams? - Never click on links or respond directly to unexpected calls, messages, or computer pop-ups. If you think it could be legit, contact the company or agency, but look up their number or website yourself. Don't use the one the caller or message gave you. - Slow down. Scammers want to rush you, so stop and check it out. Before you do anything else, talk with someone you trust. - Never withdraw cash in response to an unexpected call or message. Only scammers will tell you to do that. - 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.