• 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

a year 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

Ethereum Price Shows Signs of Recovery Above 2,950

chest

Ethereum price is recovering and consolidating above 2,950, with potential resistance at 3,050.

user avatarJacob Williams

Risks and Considerations for ASTER Trading Competition

chest

Traders considering participation in the ASTER competition are advised to understand the risks associated with futures trading, including leverage and funding rates.

user avatarZainab Kamara

Eligibility Criteria for ASTER Futures Trading Competition

chest

To qualify for the prize pool in the ASTER competition, participants must meet specific criteria including holding a minimum of 444 ASTER tokens, trading for over six days, and maintaining a position size over 30,000.

user avatarAyman Ben Youssef

ASTER Launches 12M Futures Trading Competition

chest

ASTER has launched a monumental futures trading competition with a 12 million prize pool, aimed at engaging serious crypto traders.

user avatarSon Min-ho

Google's Royal Hansen Advocates for Responsible AI Development

chest

Royal Hansen, Google's Vice President of Privacy, Safety, and Security Engineering, emphasizes the importance of responsible AI development in a statement to lawmakers.

user avatarKofi Adjeman

Sundar Pichai Warns of Potential AI Bubble Impact

chest

Sundar Pichai, CEO of Alphabet Inc, warns that a potential AI bubble could have widespread consequences for businesses.

user avatarTando Nkube

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.