FTC issues public warning about new crypto ATM scam

FTC issues public warning about new crypto ATM scam

The FTC has issued a public warning about counterfeit cryptocurrency ATM machines in the US, following reports that thieves are stealing money from unsuspecting users. The move comes after hackers were able to steal more than $6 million from crypto ATMs across the country. Experts warn this scam is one of many new methods criminals will use to exploit consumers looking for easy access and no verification required to buy cryptocurrencies.

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The “ftc cryptocurrency enforcement” is a public warning from the FTC about new crypto ATM scams. The FTC warns that scammers are now using ATMs to steal people’s money and personal information.

FTC issues public warning about new crypto ATM scam

 

The Federal Trade Commission has issued a warning about a new version of a cryptocurrency fraud. An impostor, a QR code, and a crypto ATM where victims will be prompted to pay money are the three main components of the hoax.

Fraudsters pose as governmental authorities, law enforcement officers, or employees of local power providers, according to the FTC. Imposters also use dating apps to impersonate possible love partners, or they phone victims to inform them that they have won a reward.

It always ends with the fraudster begging for money, no matter how it begins. If the victim believes the con, the fraudster instructs them to withdraw money and visit a crypto ATM. After that, they’d ask to buy cryptocurrency from an ATM. The QR code comes into play here. They provide the victim the QR code for their wallet address. As a result, the acquired crypto assets will move to the fraudster’s account once the victim scans the code.

The FTC’s Division of Consumer and Business Education’s Cristina Miranda explains: 

“The most important thing to remember is that no one from the government, law enforcement, utility provider, or reward promoter will ever instruct you to pay with bitcoin.” If someone does, it’s always a con.”

CertiK classifies Arbix Finance as a rug puller and advises consumers to avoid it.

Meanwhile, according to a crypto crime study from 2021, $7.7 billion in cryptocurrency was taken from fraud victims throughout the globe. In contrast to 2020, the figure has increased by 81 percent.

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The “ftc crypto price” is a public warning issued by the FTC. The warning states that there are new scam artists who are targeting cryptocurrency ATMs.

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