bitcoin atm -

FBI Warns Public on Scams Involving Cryptocurrency ATMs

Federal Bureau of Investigation (FBI), warned of an “increase of scammers” using cryptocurrency ATMs and Quick Response codes to commit fraud. This agency offered valuable advice on how to protect yourself in such situations.

Cryptocurrency ATMs Should be Avoided

Quick Response codes, which are machine-scannable images and can be instantly read with a smartphone camera, can be used at cryptocurrency ATMs in order to send payments to the intended recipient. Bad actors may have also found a way of using them in other schemes.

The FBI recently issued a warning about how fraudsters can trick people by using such devious operations.

“The FBI has seen an increase in scammers directing victims to use physical cryptocurrency ATMs and digital QR codes to complete payment transactions.”

According to the Bureau, bad actors often prey on victims by pretending they are familiar entities such as the government or a law enforcement agency.

Other scams include romance schemes, which create an online relationship with the victim and a false sense that intimacy. Also, lottery plots are used to trick people into believing they have won an award. They then demand payment for non-existent lottery fees.

Despite this, the QR codes and ATMs that use cryptocurrency are very similar. The criminals then direct the victim to an automated teller machine, where they insert their money. This money is often taken from retirement or investment accounts. Later, the victim is lured to digital assets. The QR code allows the recipient to automatically populate their address.

The cryptocurrencies are automatically owned by the fraudsters once payment has been made. Some fraudsters transfer the tokens to an account outside the USA right away after receiving them. This makes it more difficult for authorities to uncover the crimes.

FBI Tips to Protect you from being scammed

People should not send money to anyone they haven’t seen in person, even if they think they are in a “true” relationship online. You should not scan QR codes or send money via crypto ATM to these shady people.

People should be cautious if they receive a call from an unknown number asking for cryptocurrency payments. They should not send the assets. Instead, they should contact local law enforcement agencies.

According to the FBI, it is important to avoid crypto ATMs that only require a phone number and an e-mail. These machines are unlikely to comply with US federal regulations and could facilitate money laundering.