Fraudsters are taking advantage of the anonymity and rapid transactions offered by cryptocurrencies to trick victims into transferring funds through these ATMs under false pretenses.<\/p>\n
FTC statistics<\/a><\/strong> indicate that Bitcoin<\/a><\/strong> ATM scams led to over $110 million in losses in 2023, with individuals aged 60 and older being three times more susceptible to these scams.<\/p>\n In response to the FTC’s warning, a representative from Bitcoin Depot spoke with Cointelegraph about the company’s efforts to protect consumers and prevent fraud. The FTC has advised that no legitimate organization would request payments in Bitcoin or other cryptocurrencies through a Bitcoin ATM.<\/p>\n