The Federal Trade Commission reported that losses from Bitcoin ATM scams jumped from $12 million in 2020 to $114 million in 2023, highlighting persistent consumer vulnerability.
Scammers impersonate bank or government officials to convince victims their accounts are compromised and instruct them to use Bitcoin ATMs, disguising the theft as a safety measure.
Victims of Bitcoin ATM scams reported a median loss of $10,000 this year, with the FTC continuing to stress the importance of verifying communications from financial institutions.
These scams illustrate a worrying trend, with consumers being tricked into believing they are securing their funds, only to fall prey to scammers through compromised payment methods.
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