BleepingComputer reports that fraud losses from Bitcoin ATMs have reached $65 million during the first six months of 2024, or more than half of the $114 million of losses recorded in 2023, which in turn was almost 10 times higher than in 2020.
Median Bitcoin ATM fraud losses between January and June totaled $10,000, with losses over three times more likely to be reported by seniors, compared with younger adults, according to a report from the Federal Trade Commission, which also attributed most losses to government and business spoofing, as well as tech support scams. While many Bitcoin ATM scams commence with messages regarding supposed suspicious account activity or unwanted charges, attackers have also resorted to impersonating major firms and issuing fraudulent security warnings on targeted devices, said the FTC. "These things are hard to ignore, and that's the point. From there, the story quickly escalates. They might say all your money is at risk, or your information has been linked to money laundering or even drug smuggling," the FTC added.
