Mississippi Secretary of State Michael Watson has issued a warning about a sharp increase in Bitcoin ATM scams targeting residents. He urges caution amid the growing use of cryptocurrency in the state. The alert highlights the risks associated with these machines, which are increasingly exploited by fraudsters.
In Biloxi, Mississippi, Secretary of State Michael Watson addressed a surge in securities-related scams, particularly those involving Bitcoin ATMs. "Our office has continued to see an uptick in securities-related scams, and we encourage Mississippians to exercise caution when investing hard-earned dollars," Watson stated. He added, "With the ever-changing landscape of technology, including cryptocurrency and Bitcoin, we must remain vigilant."
Bitcoin ATMs, also known as crypto ATMs, are electronic kiosks that allow users to buy cryptocurrencies using cash or debit cards. These machines resemble traditional ATMs and are commonly found in convenience stores, malls, and other high-traffic areas. Users deposit money, pay a fee, and receive cryptocurrency in their electronic wallet by providing the wallet address. While convenient, these devices have become a focal point for scams.
To protect themselves, Mississippians should avoid clicking on unsolicited links or responding to unexpected calls, messages, or pop-ups. Watson advises verifying any potential legitimate contact directly through official channels. Residents are encouraged to slow down before making decisions, consult trusted individuals, or contact the Secretary of State's office. Key red flags include requests to withdraw cash in response to unsolicited communications or claims that information must remain secret, as scammers use isolation tactics.
For those dealing with supposed financial brokers or advisors, verification is straightforward: contact the Secretary of State’s Office or use their online search tool to confirm credentials. This guidance comes as cryptocurrency adoption evolves, but Watson emphasizes vigilance to safeguard investments.
