{"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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FTC data shows massive increase in Bitcoin ATM scams | SSLs.com Blog<\/title>\n<meta name=\"description\" content=\"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\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ssls.com\/blog\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTC data shows massive increase in Bitcoin ATM scams | SSLs.com Blog\" \/>\n<meta property=\"og:description\" content=\"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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ssls.com\/blog\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\/\" \/>\n<meta property=\"og:site_name\" content=\"SSLs.com Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-25T10:35:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-25T10:42:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ssls.com\/blog\/wp-content\/uploads\/SSL_Blog_Bitcoin-ATM.png\" \/>\n<meta name=\"author\" content=\"Cora Quigley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cora Quigley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/\"},\"author\":{\"name\":\"Cora Quigley\",\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/#\\\/schema\\\/person\\\/ae7158292578f80604c428cc5bbe68c0\"},\"headline\":\"FTC data shows massive increase in Bitcoin ATM&nbsp;scams\",\"datePublished\":\"2024-09-25T10:35:05+00:00\",\"dateModified\":\"2024-09-25T10:42:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/\"},\"wordCount\":404,\"image\":{\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ssls-blog.production.cloudplatform.tech\\\/wp-content\\\/uploads\\\/SSL_Blog_Bitcoin-ATM.png\",\"articleSection\":[\"news\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/\",\"url\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/\",\"name\":\"FTC data shows massive increase in Bitcoin ATM scams | SSLs.com Blog\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/ftc-data-shows-massive-increase-in-bitcoin-atm-scams\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ssls-blog.production.cloudplatform.tech\\\/wp-content\\\/uploads\\\/SSL_Blog_Bitcoin-ATM.png\",\"datePublished\":\"2024-09-25T10:35:05+00:00\",\"dateModified\":\"2024-09-25T10:42:59+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ssls.com\\\/blog\\\/#\\\/schema\\\/person\\\/ae7158292578f80604c428cc5bbe68c0\"},\"description\":\"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. 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