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09/09/2024
FTC Urges Caution as Bitcoin ATM Fraud Cases Skyrocket
Bitcoin.com
The Federal Trade Commission (FTC) has reported a sharp rise in scams involving bitcoin ATMs, with fraud losses increasing nearly tenfold from 2020 to 2023 and exceeding $65 million in the first half of 2024. These scams often involve impersonations and target vulnerable populations, such as older adults, with significant financial impact.
FTC Warns of Spike in Bitcoin ATM Fraud
The Federal Trade Commission (FTC) published a consumer protection data spotlight on Tuesday highlighting the surge in fraud associated with bitcoin ATMs (BTMs). The FTC is an independent agency of the U.S. government responsible for enforcing civil antitrust law and promoting consumer protection.
These machines, commonly found in high-traffic areas like convenience stores and gas stations, have become an increasingly popular target for scammers, the FTC detailed, adding:
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