bitcoin atm scams

Bitcoin ATMs are becoming increasingly common, appearing in gas stations, grocery stores, smoke shops, and other locations. However, scammers are exploiting these machines to steal money from unsuspecting victims. According to the Federal Trade Commission, consumer losses from Bitcoin ATM scams have reached $114 million—and this alarming trend has even affected our local community. 
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How it works: 
Scammers typically call victims and create a sense of panic by presenting an urgent and dire situation. Using intimidation and pressure, they convince the target that the only resolution is to withdraw money from their bank account and deposit it into a specified Bitcoin ATM. 
Unfortunately, due to the nature of Bitcoin and its systems, once the funds are transferred, they cannot be recovered. 
 
How to Avoid Falling Victim to a Bitcoin ATM Scam

• NEVER share sensitive or private information in response to unexpected calls or emails.
• ALWAYS verify the legitimacy of any request before taking action.
• Be cautious if the caller uses threats, intimidation, or urgency to pressure you into acting quickly.
• Remember, no legitimate organization will demand payment in cryptocurrency or threaten immediate legal consequences for not providing personal information or payment.
• Be wary of anyone asking you to scan a QR code or requesting a code sent to your phone.
• If something feels suspicious, trust your instincts. Slow down, think carefully, and avoid giving out personal information or access to your devices.

If you believe you’ve fallen victim to a scam, contact your financial institution immediately for assistance.