Massive Increase in Bitcoin ATM Scams: FTC Data

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Kraken Exchange Announces Withdrawal Phase for 13 Assets

Kraken has officially moved into the withdrawal phase for 13 assets, with trading and deposits set to stop on October 23, 2023. Customers are urged to withdraw their remaining tokens before the exchange begins liquidating balances.

user avatarTando Nkube

Cardano's Leios Scaling Plan Unveiled

Cardano has unveiled a detailed roadmap for its Leios scaling plan, targeting significant increases in transaction capacity with a staged approach for adjustments based on real-world performance.

user avatarKofi Adjeman

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Crypto Market Declines Following Global Selloff

The crypto market faced a significant decline over the weekend, with Bitcoin falling 11%, Ethereum dropping 26%, and Solana decreasing by 28%, following a global market selloff.

user avatarNguyen Van Long

Cardano Developers Launch Public Test Network for Dijkstra Upgrade

Cardano developers have launched a public test network for the Dijkstra upgrade, enabling developers to test and prepare for new protocol rules.

user avatarJesper Sørensen

Tether Introduces New Framework to Enhance Bitcoin Mining Operations

Tether has announced a new initiative aimed at simplifying Bitcoin mining operations by integrating existing equipment through a common software framework.

user avatarRajesh Kumar

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.