FTC: Bitcoin ATM Scam Losses Increased 10-Fold in 3 Years
CryptoNewsTerminal Staff03 Sep, 2024
FTC: Bitcoin ATM Scam Losses Increased 10-Fold in 3 Years
The Federal Trade Commission (FTC) announced on its official website on the 3rd (local time) that "the amount of fraud from Bitcoin ATM scams has been 1.1 billion dollars last year increasing almost 10 fold since 2020. The amount of Bitcoin ATM scams has already exceeded 65 million dollars in the first half of this year. In terms of age of victims, those over 60 were more than 3 times more likely to be victims than younger people. The FTC warned consumers to be wary of Bitcoin ATM scams, which often involve criminals using fake or hacked ATMs to steal people's money. The FTC advised consumers to only use ATMs that are located in well-lit and secure areas, and to be cautious of ATMs that charge high fees. The FTC also recommended that consumers use a strong password and two-factor authentication to protect their cryptocurrency accounts. If you believe you have been the victim of a Bitcoin ATM scam, you should report it to the FTC at ReportFraud.ftc.gov.
