FTC Warns of Bitcoin ATM Scams Resulting in $110 Million Losses in 2023
Understanding the Surge in Bitcoin ATM Scams
The U.S. Federal Trade Commission (FTC) has raised alarms about a disturbing rise in Bitcoin ATM scams, reporting losses surpassing $110 million in 2023. This figure marks nearly a tenfold increase compared to 2020, emphasizing the urgent need for awareness and protection against financial fraud.
Nature of the Scam
- Many victims are misled into thinking they need to transfer Bitcoin via ATMs purportedly to resolve security issues, often with the guise of tech support.
- The attacks often involve spyware or malware that jeopardizes computer security.
Importance of Technical Support
Professional technical support plays a crucial role in helping individuals avoid these scams. Awareness of virus removal strategies and protection against malware can shield consumers from such predatory practices.
Warning Signs of a Scam
- Unexpected requests for support via phone or email.
- Pressure to act quickly, often under threat.
- Requests for payment in Bitcoin or other cryptocurrencies.
Staying informed and vigilant is essential as scams will continue to evolve. The FTC urges consumers to report suspicious activity and invest in reputable computer help.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.