The FTC's spotlight report reveals a staggering rise in bitcoin ATM scam losses, with approximately $66 million lost in just the first half of 2024, reflecting a nearly tenfold increase since 2020.
In 2020, victims lost a mere $12 million to bitcoin ATM scams, but by 2024, that number skyrocketed, showing the growing sophistication and prevalence of these fraudulent activities.
Scammers typically use urgent communication strategies, posing as legitimate entities and presenting victims with time-sensitive reasons to deposit money via bitcoin ATMs, often utilizing QR codes to direct funds directly to their accounts.
To combat the rising trend of bitcoin ATM scams, the FTC advises consumers to stay vigilant, thoroughly verify communications and transactions, and avoid acting under pressure from unsolicited contacts.
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