Bitcoin ATMs are a hotbed for scams, FTC says

Date:

Share post:


The Federal Trade Commission (FTC) published a report about increasing fraud at Bitcoin ATMs. These ATMs allow people to turn their cash into crypto, but they’ve become a tool for scammers to perpetrate fraud — since 2020, the FTC says fraud at Bitcoin ATMs has ballooned nearly tenfold, and just in the first half of 2024, consumers have lost over $66 million to these scams.

Scammers use tactics like fake phone calls, messages, and security alerts to convince people that they’re in danger, and that they should deposit cash into a Bitcoin ATM to protect it. Then, the scammer may share a QR code to scan at the Bitcoin ATM, which deposits the cash into the scammer’s wallet.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Australian government drops misinformation bill

The Australian government has withdrawn a bill that would have fined online platforms up to 5 percent...

Latin America fintech will be a market to watch in 2025

Heading into 2024, Mike Packer, a partner at fintech-focused QED Investors, predicted we’d hit the bottom for...

Executive assistants, high salaries, and other ways early-stage founders will trigger a seed VC

VC Jenny Fielding, co-founder of Everywhere Ventures and former Techstars managing director, was basically trolling on X...

These alternatives to popular apps can help reclaim your online life from billionaires and surveillance

There is immense power in being in control of your own data. As ownership and governance of...

The curious case of Nebius, the publicly traded AI infrastructure ‘startup’

On October 21, a new ticker opened to Nasdaq traders: NBIS, a truncation of Nebius, a fledgling...

How a digital “you” can sit through your agonizing web conference calls

Now you can appear to be on a Zoom call in your office, even when you’re sipping...

‘Wolfs’ sequel canceled because director ‘no longer trusted’ Apple

It may be hard to remember, but George Clooney and Brad Pitt co-starred in a movie, “Wolfs,”...

DOJ tells Google to sell Chrome

Welcome back to Week in Review. This week, we’re exploring the DOJ telling Google to sell off...