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 – 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.

Crypto Investment Scams (Pig Butchering Scams) What They Are And How To Avoid Them

An Introduction to the Explosion of Crypto-Based Investment Scams

Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• Cezary Podkul, ProPublica

About This Article

The “Pig Butchering Scam” crypto-based investment scam is an online investment fraud scheme where individuals are tricked into investing money by criminals posing as trustworthy contacts. These scammers use various tactics, such as creating fake identities and initiating conversations on social media or messaging apps, to gain victims’ trust.

Once trust is established, victims are manipulated into depositing funds into fake brokerage accounts. The scammers then disappear with the money, leaving victims with substantial financial losses. This deceptive practice preys on unsuspecting individuals’ desire for financial gain and highlights the importance of staying vigilant and reporting suspicious activities to authorities promptly.

Crypto Investment Scams