• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Massive Increase in Bitcoin ATM Scams: FTC Data

user avatar

by Giorgi Kostiuk

2 years ago


  1. Rise in Bitcoin ATM Scams
  2. Total Losses and Age Groups
  3. Tips to Avoid Scams

  4. New data from the US Federal Trade Commission (FTC) shows a steep increase in Bitcoin ATM scams, with losses exceeding $110 million since 2020.

    Rise in Bitcoin ATM Scams

    According to FTC data, losses from Bitcoin ATM scams totaled more than $65 million in the first six months of 2024 alone. This figure is nearly ten times higher compared to similar periods in previous years. Scammers often pose as government representatives, corporate officials, or technical support, making urgent demands for money to be transferred via Bitcoin ATMs.

    Total Losses and Age Groups

    Older adults are most vulnerable to these scams. Individuals aged 60 and over are at least three times more likely to fall victim compared to younger age groups. The median loss reported by victims in the first half of 2024 was $10,000.

    Tips to Avoid Scams

    The FTC strongly urges vigilance and offers some simple guidelines to avoid scams: do not click on suspicious links, do not transfer money based on calls, texts, or emails without proper verification, and remember that using Bitcoin ATMs is not a solution to financial issues. ATMs are often found in busy locations such as stores and gas stations, making them an easy target for scammers.

    New data shows that Bitcoin ATM scams are on the rise, with particularly severe losses for older adults. The FTC continues to work on raising public awareness and urges everyone to be cautious when using Bitcoin ATMs.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

United Stables U Token Surpasses 1 Billion Market Cap

chest

The United Stables U token has achieved a significant milestone by surpassing a market capitalization of 1 billion, supported by Chainlink Data Feeds for pricing and collateral data.

user avatarSatoshi Nakamura

Market Confidence in NIGHT Token at Risk Following Exploit

chest

The market's confidence in the NIGHT token is at risk as traders assess the implications of the Wanchain bridge exploit.

user avatarRajesh Kumar

Wanchain Bridge Exploit Results in Major Loss for NIGHT Token

chest

A significant exploit on the Wanchain bridge resulted in the loss of 515 million NIGHT tokens, causing a sharp decline in the token's market value.

user avatarJesper Sørensen

MiCA Framework Enhances Ripple's Business Prospects

chest

The MiCA framework provides a unified regulatory regime for crypto service providers, benefiting Ripple's operations.

user avatarLucas Weissmann

Ripple's MiCA Approval Signals Industry Trend

chest

Ripple's MiCA approval reflects a broader trend of crypto companies seeking European regulatory footing.

user avatarFilippo Romano

Ripple Secures MiCA Authorization in Europe

chest

Ripple has obtained full MiCA authorization, allowing it to expand its crypto-enabled payment services across the EU and EEA.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.