Bitcoin ATM scams are taking tens of thousands of dollars from people across the United States, as con artists exploit the growing presence of cryptocurrency ATMs.
Consumer advisor Clark Howard warns that scammers are convincing victims to deposit money into Bitcoin or crypto ATMs with false promises of high returns. Once the money is deposited, it is untraceably sent to the scammers, leaving victims without recourse.
“Know that if somebody solicits you and says, wow, they’ve got an opportunity for you to make a ton by putting it into an ATM? Do not fall for it,” said Clark Howard, emphasizing the importance of skepticism in these situations.
These Bitcoin and crypto ATMs are becoming increasingly common across the U.S., making it easier for scammers to lure unsuspecting victims. The scam typically involves a con artist contacting the victim and promising significant financial returns if they deposit money into a Bitcoin ATM.
Victims are given a code to enter into the ATM, after which they deposit their money. Instead of receiving a return on their investment, the money is sent directly to the scammer, often in a manner that is difficult to trace.
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