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.
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.
Fraudsters use crypto ATMs to launder millions from Canadian victims
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A CBC News investigation has uncovered how cryptocurrency ATMs in Canada are being exploited by scammers to extract and launder money from victims nationwide. These machines, legal and widespread, allow quick conversion of cash to crypto that can be sent globally. Victims like a Calgary retiree have lost thousands, highlighting vulnerabilities in the system.