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.

UNODC Report: Casinos and Cryptocurrency – 2024

UNODC Report: Casinos and Cryptocurrency

Understanding the Complexities of Large Scale Organized Crime in Southeast Asia

Primary Category: Organized Crime

Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• UNODC Regional Office for Southeast Asia and the Pacific

About This Article

A new report has revealed that casinos, junkets, and cryptocurrency exchanges are major drivers of money laundering, underground banking, and cyberfraud in East and Southeast Asia. The study, titled “Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden, Accelerating Threat,” highlights the crucial role of underregulated online casinos and crypto exchanges in facilitating transnational organized crime.

Scams and Cryptocurrency Go Hand in Hand

Scams and Cryptocurrency go Hand in Hand

Authors:
• Yaniv Hanoch, Associate Professor in Risk Management, University of Southampton; and
• Stacey Wood, Professor of Psychology, Scripps College

Scams And Cryptocurrency Can Go Hand In Hand – Here’s How They Work And What To Watch Out For

When one of our students told us they were going to drop out of college in August 2021, it wasn’t the first time we’d heard of someone ending their studies prematurely. What was new, though, was the reason. The student had become a victim of a cryptocurrency scam and had lost all their money – including a bank loan – leaving them not just broke, but in debt. The experience was financially and psychologically traumatic, to say the least.

Cryptocurrency