Scams
Crypto ATM scams defraud Americans of millions
Reported by AI
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.
Amazon buyer gets brick instead of RTX 5080 graphics card
Reported by AI
A customer who ordered a high-end Nvidia GeForce RTX 5080 graphics card from Amazon was shocked to receive a brick in the package. The incident highlights risks of commingling scams on the platform, where fraudulent returns mix with legitimate inventory.
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.
Fraudsters use crypto ATMs to launder millions from Canadian victims
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.