Cryptocurrency scams are on the rise, and one of the fastest-growing forms of fraud involves crypto ATMs, those machines you may see in gas stations or convenience stores. Scammers are using them to trick people into sending money that’s nearly impossible to recover.
Here’s how it usually happens: Someone receives a call, text, or email claiming there’s an urgent problem, maybe their bank account has been hacked, they owe taxes, or a loved one is in danger. The scammer then tells the victim to withdraw cash and deposit it into a nearby crypto ATM to “resolve” the issue. Once that money is sent, it’s converted into cryptocurrency and routed directly to the scammer’s digital wallet, often overseas, where it can’t be traced or refunded.
Even though crypto ATM companies say they display warnings, many victims are panicked and follow the scammer’s instructions without realizing what’s happening. Law enforcement across the country reports that millions of dollars have been lost this way, often by older adults or people caught off-guard by convincing threats.
To protect yourself, remember this: No legitimate agency, bank, or business will ever ask you to pay through a Bitcoin or crypto ATM. If anyone tells you to do so, stop immediately and contact your financial institution or local authorities.
Stay alert, spread the word to friends and family, and always think twice before sending money, especially when the payment method seems unusual or urgent. Awareness is the best defense against these scams.
