• 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

A Guide to Crypto Fund Strategies for Traditional Investors

chest

The article serves as a comprehensive guide for traditional entrepreneurs looking to invest in crypto funds, categorizing six core strategies and analyzing their profit logic, advantages, and disadvantages.

user avatarSon Min-ho

Bank of Japan Board Discusses Future Rate Hikes

chest

Members of the Bank of Japan's board discuss the potential for further rate increases due to low real interest rates.

user avatarSatoshi Nakamura

Prime Minister Takaichi Tackles Inflation Amid BOJ Rate Hikes

chest

Prime Minister Sanae Takaichi addresses inflation issues while supporting the Bank of Japan's interest rate hikes.

user avatarAyman Ben Youssef

OCC Clarifies Bank Participation in Crypto Transfers

chest

The OCC has issued guidance allowing national banks to facilitate riskless crypto transactions.

user avatarNguyen Van Long

Concerns Rise Over XRP Ownership Distribution

chest

A new chart reveals that over 6 million XRP wallets hold minimal amounts, raising concerns about retail investors being priced out.

user avatarTando Nkube

Debate on XRP Supply and Market Dynamics

chest

Community members and analysts discuss the dynamics of XRP supply and its impact on market prices.

user avatarKofi Adjeman

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.