FTC issues consumer warning of 10x increase in Bitcoin ATM scams since 2020

New data from the FTC shows a significant rise in consumer losses due to Bitcoin ATM scams, with losses increasing nearly tenfold since 2020 to over $110 million in 2023. Scammers are using Bitcoin ATMs, found in places like convenience stores and gas stations, to trick people into depositing cash into their crypto accounts. In the first half of 2024 alone, losses exceeded $65 million, with older adults being particularly vulnerable. Common scams include government impersonation and tech support fraud. The FTC advises consumers to avoid unexpected calls, slow down, and never withdraw cash in response to these scams.