Consumer Alert
Scammers use Bitcoin ATMs to steal your money
Most of us use ATMs pretty often to withdraw cash. But Bitcoin ATMs (or BTMs) are a different beast. Increasingly located in convenience or grocery stores, gas stations, and other places, they’re a way to buy or send cryptocurrency. Only scammers are now using BTMs to steal your money. A new FTC Data Spotlight explains how people are losing millions to fraud at BTMs — and how to protect yourself and the people you care about.
Many of these scams start with a call or message about something supposedly wrong: they might say there’s suspicious activity on your Amazon account, for example, or unauthorized charges on your bank account. (Untrue.) The caller will say your money is at risk, or even that you’re somehow linked to money laundering or drug smuggling, but they can help. (Also false.) They tell you to withdraw cash from your bank, investment, or retirement accounts and deposit it into a specific BTM. This, they say, will protect your money or fix the alleged problem. But it’s all a lie. Once you deposit the cash, it goes straight into the scammer’s wallet.
To avoid this scam:
- Don’t believe anyone who says you need to use a Bitcoin ATM to protect your money or fix a problem. Real businesses and government agencies will never do that — anyone who does is a scammer.
- Never withdraw cash in response to an unexpected call or message. Only scammers will tell you to do that.
- Verify the story. If you think there’s a real problem with one of your accounts, use a phone number, website, or app you know is real to contact your bank, investment, or retirement company. Don’t use contact information in the unexpected call or message you got. That will only take you back to the scammer.
- Report the scam. Go to ReportFraud.ftc.gov.
- Check out How To Avoid Imposter Scams for more advice.
at my age I hope we will still have our regular dollar bills or as is said US currency! A lot of older people did not go pass 3rd grade They help raised their siblings so Mom could go to work second shift. Some did go to high school but did not graduate. They did not understand most subjects. Only use to AMERICAS CURRENCY THE US dollar and change Can you answer this ?
In reply to at my age I hope we will… by Beverly Kitts
The US Dollar will be around a long time as the official United States currency. If you are concerned that an ATM might not be a bank ATM but might be a BTM, then I would only use those ATMs that are inside of or attached to a real bank.
Thank You for the update
This happened to me in March! But I never deposited any cash in a bitcoin machine! I, did withdraw money from my bank account to a tune if $10,000 , but went back to my bank and redeposited into a new account! Won’t do that ever again! Those guys on the phone thought they were going to wipe me out! Thank God for people like you!
My Father was scammed $11,000 because of this scam. It was all of their savings. They were told that he would not get his money back. This is so sad that people are doing this. If he can do something to get his money back, please let me know. He is also a Veteran.
In reply to My Father was scammed $11… by SueAnn Sweatman
Tell copes and give then number they called you.
Hope to hear back some good news, please is there anything I can do at this time?
Thanks for these alerts. I have a distribution list of over 250 retirees and regularly share your emails with them.
In reply to Thanks for these alerts. I… by Robert E Paulson
Robert,
Thank you for sharing the news to help other people avoid scams. We have articles about scams that affect older adults at www.ftc.gov/PassItOn. You can forward those articles too, or copy the text into your email. The articles discuss imposter scams, charity scams, grandparent scams, and much more.
- FTC Staff
Who can catch scammers after they trick you to give them money? Ftc fbi interpol who? Will their banks ever catch them and return money to you
That's good because they've been trying to get me to do that for Less year it ain't going to get so I'm glad I ain't going
Are we able to use the text from these articles to send email newsletters to our customers? Or is there a process that I would need to follow in order to use the information on the FTC website?
This is really good information that many of our customers could benefit from and help them stay informed about the ever-changing scams and hopefully save them from falling for them.
Please advise.
THX!
In reply to Are we able to use the text… by Antonio
@Antonio,
Yes, you're able to share text from these articles and everything on the www.consumer.ftc.gov website. All information from the FTC is free to share - you can use the text in your newsletter, forward the message, print out the messages - whatever works for you. Thanks for helping spread the word and help others avoid scams.
The information is also in Spanish at www.consumidor.ftc.gov.
- FTC Staff
I appreciate seeing these articles and learning the information that helps keep us safe and aware. Gratitude for your contribution!
Very valuable information, can The Government close their activity of stealing people money
Please talk more often to the Public about Bitcoin scams particular senior citizen, the majority of seniors have no knowledge of Bitcoin, I am a Senior but stay informed thanks to your watchful eye.
This happened to me. Took me for $15,000 as they used AI impersonation to call me & pose as the bank Fraud Investigator. He got into my account & took the money . He called me the next day & convinced me of how the banking system works with the US Fraud investigation process. By using BITcoin currency to snare the criminals: Allegedly before the Asian Banking central bank-like our Federal Reserve opens, the Bitcoin can be converted back to US currency . etc. etc. Then criminals can be traced etc. I was so stunned & desperate to recover my money market that I believed this scam. I have had a terrible year with this loss as I am 84. No easy recovery.