Scammers Target Crypto ATMs Impersonating Gov Officials, FTC Warns
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11 January

Scammers are luring victims by impersonation government and law enforcement to go to a store with a cryptocurrency ATM, the Federal Trade Commission (FTC) warned in a public alert. Bad actors convince victims to buy a cryptocurrency with a special QR code that contains their address in it. Once a victim buys the cryptocurrency, the money gets transferred to the scammers.

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"Here is the main thing to know: nobody from the government, law enforcement, utility company, or prize promoter will ever tell you to pay them with cryptocurrency," the FTC emphasized.

FBI Warns Scammers Target Crypto ATMs and QR Codes

Last May, the FTC recorded a tenfold increase in crypto-related investment fraud. One of such scams involved impersonating Elon Musk. The bad actors stole over $2 million in 6 months. Between October 2020 and March 2021, the FTC reportedly received 6,792 reports of attacks. The total amount of stolen funds exceeds $80 million.

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