Bitcoin ATM scammers stole $65 million in first half of 2024

By Keith Thuerk | New to Crypto's? | 9 Sep 2024

Back in early July, I wrote a Blog on Crypto ATM installs rising, now it seems we must address the crime component of Crypto ATMs. Scammers are stealing your crypto and you don't find out until too late! You think you are properly depositing Crypto account and it turns out on the backend its sent directly into scammers accounts. Feels like a logical progression from credit card skimmers on gas pump stations, Point of Sale (PoS) locations, this feels a bit more innocuous. You believe you are properly depositing crypto assets and a diversion of funds is taking place right in front of your eyes funds are diverted to their accounts not yours. To make matters worse, no legal recourse!

Your friendly US FTC (Federal Trade Commission) revealed recently that scammers are using BTC ATM's.

Do these scams on constitute Cyber crimes? What resources are being brought to bear to track these criminal elements down?

How has BTC theft grown YoY?

FTC stated that only $110M was stolen in all of 2023, so up BIG TIME YoY!

Tips/Tricks: Try getting back to the basics,

Scammers want to rush you, so stop, and check it out before entering your transaction. Does the ATM looked damaged in any manner, 1/2 open, screen broken? Reader access look to big or bulky? Camera area look different than your first use? Before you do anything else, talk with someone you trust. Learn to trust your gut if it feels sketchy don't do it. Of course this means you need another plan and in rural areas that can be very difficult, granted.

It is always a good idea to remain vigilant against threats of identity theft or fraud. Its much harder to replace capital once its gone!

Don't forget to help out the FTC by reporting bad actors at ReportFraud.ftc.gov

Summary

Cyber crime is on the rise as its hard to defend against all forms of attack, and thus far $65Million stolen in just the first half of '24. Using grade school math puts us at a total (using current pace) of $130Million stolen. Take steps and be vigilant, don't become another statistic!