{"id":3117,"date":"2024-09-25T03:35:05","date_gmt":"2024-09-25T10:35:05","guid":{"rendered":"https:\/\/www.ssls.com\/blog\/?p=3117"},"modified":"2024-09-25T03:42:59","modified_gmt":"2024-09-25T10:42:59","slug":"ftc-data-shows-massive-increase-in-bitcoin-atm-scams","status":"publish","type":"post","link":"https:\/\/www.ssls.com\/blog\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\/","title":{"rendered":"FTC data shows massive increase in Bitcoin ATM&nbsp;scams"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.ssls.com\/blog\/wp-content\/uploads\/SSL_Blog_Bitcoin-ATM.png\" alt=\"\" class=\"wp-image-2327\"\/><\/figure>\n\n\n\n<p>Just when you think you have a fair idea of all the modern tech-related scams in the ether, a new one appears seemingly out of nowhere. This financial scam of the moment is ATM scams, which have been on the rise since 2020.&nbsp;<br><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>According to the <a href=\"https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2024\/09\/new-ftc-data-shows-massive-increase-losses-bitcoin-atm-scams\">Federal Trade Commission (FTC)<\/a>, the amount of money consumers reported losing since 2020 increased tenfold to over $110 million. Now in 2024, people have been scammed out of $65 million in just the first six months alone \u2014 a massive increase that should have all Bitcoin ATM users concerned.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is a Bitcoin ATM?<\/h2>\n\n\n\n<p>Before we get into the inner workings of the scam, you might be wondering what a Bitcoin ATM is, particularly if you\u2019re not a cryptocurrency enthusiast. It\u2019s essentially exactly what it sounds like. You can either withdraw cash, exchanging your Bitcoin into fiat currency, or deposit money, basically purchasing Bitcoin.&nbsp;<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The scam<\/h2>\n\n\n\n<p>Outside the relatively new setting of a Bitcoin ATM, the <a href=\"https:\/\/www.ftc.gov\/news-events\/data-visualizations\/data-spotlight\/2024\/09\/bitcoin-atms-payment-portal-scammers\">scam itself is familiar territory<\/a>. Scammers impersonating businesses, government agencies, or tech support contact victims, informing them of an urgent need to withdraw cash from their bank accounts and deposit it into a Bitcoin ATM, referring to it as a \u201csafety locker\u201d for their money.<br><\/p>\n\n\n\n<p>The scammers direct victims to a nearby, specific Bitcoin ATM and text them a QR code to scan once they\u2019re done. This QR code moves the cash straight to the scammer\u2019s wallet.&nbsp;<br><\/p>\n\n\n\n<p>In the period the data was collected, consumers over 60 were three times more likely to lose money to the scam. The median loss reported was $10,000.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to avoid becoming a victim of a Bitcoin ATM scam<\/h2>\n\n\n\n<p>To prevent becoming a victim of any online scam, you must be mindful of any unexpected contact made with you online or your mobile device. Adhere to the following best practices:<br><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If you receive any unexpected calls, messages, or computer pop-ups, don\u2019t respond to it directly. If you\u2019re unsure, contact the actual business or agency it claims to represent.<\/li><li>Remember that businesses and government agencies will never ask you to move money or use a Bitcoin ATM to solve some kind of problem. So don\u2019t ever withdraw cash if someone calls or messages you telling you to.<\/li><li>If in doubt, consult someone you know if an unexpected email, text message, or phone call sounds shady.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Just when you think you have a fair idea of all the modern tech-related scams in the ether, a new one appears seemingly out of nowhere. This financial scam of the moment is ATM scams, which have been on the rise since 2020.&nbsp;<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3117","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/posts\/3117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/comments?post=3117"}],"version-history":[{"count":2,"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/posts\/3117\/revisions"}],"predecessor-version":[{"id":3120,"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/posts\/3117\/revisions\/3120"}],"wp:attachment":[{"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/media?parent=3117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/categories?post=3117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ssls.com\/blog\/wp-json\/wp\/v2\/tags?post=3117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}