The Federal Trade Commission (FTC) has released a report on the rise of fraud at Bitcoin ATMs. These ATMs allow users to convert cash into cryptocurrency, but they have become a tool for scammers to carry out their scams. According to the FTC, fraud at Bitcoin ATMs has increased nearly tenfold since 2020, and consumers lost more than $66 million to these scams in the first half of 2024 alone.
Scammers use tactics like fake phone calls, messages, and security alerts to convince people they are at risk and need to protect themselves by depositing their cash in a Bitcoin ATM. The scammer then shares a QR code to scan at a Bitcoin ATM, which deposits the cash into the scammer's wallet.