Scams
Authorities crack down on cryptocurrency ATM scams
A consumer alert highlights efforts to address scams involving cryptocurrency ATMs. The report focuses on protecting users from fraudulent schemes in this emerging technology space.
Colorado Springs woman loses $37,000 in crypto scam
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A stay-at-home mom in Colorado Springs fell victim to a cryptocurrency investment scam, losing her entire $37,000 inheritance from her late father. The scheme began through a hacked Facebook account of a friend, leading her to deposit funds via a Bitcoin ATM. Despite initial appearances of legitimacy, she received no returns and now warns others about the risks.
Austrac fines crypto ATM operator Cryptolink in scams crackdown
Australia's financial crimes regulator AUSTRAC has fined cryptocurrency ATM operator Cryptolink $56,340 as part of efforts to combat scams and money laundering. The action highlights growing concerns over crypto ATMs, which have been linked to significant losses for victims, including elderly Australians. While new restrictions were imposed in July, advocates continue to call for an outright ban.
Crypto ATM scams defraud Americans of millions
Scammers are using cryptocurrency ATMs across the US to steal savings from victims, often elderly individuals, by tricking them into depositing cash under false pretenses. In the first six months of 2024, Americans lost around $240 million to these scams, double the pace from the previous year, according to the FBI. Companies operating the machines profit from high fees and markups while facing criticism for inadequate fraud prevention.