Bitcoin ATM scams skyrocket – Week in security with Tony Anscombe

The schemes disproportionately victimize senior citizens, as those aged 60 or over were more than three times as likely as younger adults to fall prey to the scams

Editor

06 Sep 2024

Consumers in the United States lost more than $114 million to scams involving Bitcoin ATMs (BTMs) last year, with the figure soaring ten-fold from 2020, according to data released by the United States' Federal Trade Commission (FTC) this week. As consumers lost $65 million to these ploys in the first half of 2024 alone, this year is on track to top the losses from 2023. The FTC also found that the scams disproportionately victimize older people, as those aged 60 or over were more than three times as likely as younger adults to report a loss using a BTM.

How do these scams work and how can you stay safe from them? Find out in the video.