The Federal Trade Commission (FTC) has shared a report about the rise of fraud at Bitcoin ATMs. These machines make it easy to turn cash into cryptocurrency. However, they’ve also become a favorite tool for scammers.

Since 2020, fraud at Bitcoin ATMs has skyrocketed. It’s increased nearly tenfold! Just in the first half of 2024, consumers lost more than $66 million to these scams.

So, how do these scammers work? They use tricks like fake phone calls, messages, and security alerts. They create a sense of urgency, convincing people they’re in danger. Then, they suggest depositing cash into a Bitcoin ATM to keep it safe.

Once a victim is hooked, the scammer shares a QR code. When the victim scans it at the ATM, the cash goes straight into the scammer’s wallet. It’s a clever trick, but it can be devastating for those who fall for it.

Stay alert and protect yourself. If something feels off, trust your instincts. Always verify before taking action. Your money is important!