Bitcoin ATM Fraud Cases Surge: FTC Advises Increased Vigilance

The Federal Trade Commission (FTC) has highlighted a dramatic increase in bitcoin ATM fraud, with losses soaring nearly tenfold from 2020 to 2023 and surpassing $65 million in the first half of 2024.

Scammers, often impersonating officials or tech support, target these ATMs, leading to significant financial losses, especially among older adults. The FTC warns that these figures likely represent only a fraction of the actual fraud and advises consumers to remain vigilant against unsolicited requests and avoid using ATMs under dubious circumstances.

Clever Robot News Desk 8^th September 2024