Scams
Authorities crack down on cryptocurrency ATM scams
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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.
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.
Criminals hijack Microsoft's brand for tech support scams
Cybercriminals are using Microsoft's trusted name to deceive victims into tech support scam centers. This tactic locks screens, steals data, and erodes confidence quickly. The scheme transforms brand familiarity into a tool for deception.