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.

The U.S. FTC Goes After TikTok For Violating Children’s Privacy – 2024

The U.S. FTC Goes After TikTok For Violating Children’s Privacy

TikTok has Repeatedly Disregarded U.S. Law on Protecting Children!

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Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• U.S. FTC – Federal Trade Commission

About This Article

The FTC and DOJ have filed a lawsuit against TikTok and its parent company ByteDance, accusing them of violating the Children’s Online Privacy Protection Act (COPPA) and a 2019 FTC consent order.

The lawsuit alleges that TikTok failed to notify and obtain parental consent before collecting personal information from children under 13.

Despite knowing millions of children used the platform, TikTok allegedly continued to collect and use their data unlawfully, including through “age unknown” accounts bypassing age gates.

FTC New Impersonation Scams Rule Effective Today – 2024

FTC New Impersonation Scams Rule Effective Today

Government taking action Against Scams!

Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• Federal Trade Commission

About This Article

The FTC’s new rule targeting government and business impersonation scams takes effect today, April 1st, 2024, aiming to combat the soaring losses reported by consumers, which surpassed $1.1 billion last year alone.

The rule addresses the most common tactics employed by scammers, such as fake account security alerts and phony subscription renewals, and highlights the rise in text and email-based scams alongside declining phone calls. Notably, bank transfers and cryptocurrency payments have become the predominant methods used by victims, prompting the FTC to propose stronger measures, including prohibiting the impersonation of individuals and facilitating scams.

FTC: Alexa Data Abuse – 2023

FTC: Alexa Data Abuse

Author:
• Elisa Jillson, U.S. Federal Trade Commission (FTC) – reprinted

Article Abstract

The Federal Trade Commission (FTC) underscores critical violations in Amazon and Ring’s handling of consumers’ private data, voice recordings, and video footage. Amidst AI’s burgeoning presence, the complaints highlight companies’ negligence towards customer privacy, breaching the FTC’s Biometric Policy Statement. Emphasizing the pivotal nexus of AI and privacy, the FTC urges caution in data collection, stressing the need for consumer control.

SCARS Editorial Team2024-01-10T15:01:22-05:00June 21st, 2023|Categories: • GOVERNMENT / REGULATORY, 2023, ARTICLE, U.S. Federal Trade Commission, USA|Tags: Amazon Alexa, Data Abuse, FTC, Privacy|0 Comments

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