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.
