The Federal Commerce Fee (FTC) has launched a report on the rise of fraud at Bitcoin ATMs. These ATMs permit customers to transform money into cryptocurrency, however they’ve turn out to be a device for scammers to hold out their scams. In response to the FTC, fraud at Bitcoin ATMs has elevated practically tenfold since 2020, and customers misplaced greater than $66 million to those scams within the first half of 2024 alone.

Scammers use techniques like pretend telephone calls, messages, and safety alerts to persuade folks they’re in danger and wish to guard themselves by depositing their money in a Bitcoin ATM. The scammer then shares a QR code to scan at a Bitcoin ATM, which deposits the money into the scammer's pockets.