Crypto scams involving Bitcoin ATMs explode by 1,000% since 2020: FTC

As Bitcoin ATM scams surge, particularly targeting older adults, the FTC and industry leaders stress the importance of caution and preventive measures.

The Federal Trade Commission (FTC) has reported a 10-fold rise in scams involving Bitcoin ATMs since 2020, citing scams driven by fraudsters exploiting anonymity and the speed of cryptocurrency transactions.

These scams often involve malicious actors convincing victims to unwittingly transfer their funds via Bitcoin (BTC) ATMs under false pretenses.

According to FTC data, losses from Bitcoin ATM scams exceeded $110 million in 2023, with consumers aged 60 and older being three times more likely to fall victim.

As Bitcoin ATM scams surge, particularly targeting older adults, the FTC and industry leaders stress the importance of caution and preventive measures.
The Federal Trade Commission (FTC) has reported a 10-fold rise in scams involving Bitcoin ATMs since 2020, citing scams driven by fraudsters exploiting anonymity and the speed of cryptocurrency transactions. These scams often involve malicious actors convincing victims to unwittingly transfer their funds via Bitcoin (BTC) ATMs under false pretenses.According to FTC data, losses from Bitcoin ATM scams exceeded $110 million in 2023, with consumers aged 60 and older being three times more likely to fall victim.Read more