New way to cheat the elderly through ATM: Bitcoin ATM scam!

Shocking news! ATM fraudsters are now using a new trick – Bitcoin ATM. According to data from the Federal Trade Commission (FTC), scams related to Bitcoin ATMs have increased drastically in the last few years. In 2023, the loss due to this type of fraud has been almost ten times more than in 2020, which is more than $110 million.

But who is falling prey the most? According to the report, people over the age of 60 are three times more likely to be cheated than young people.

How do the thugs trap?

  • Fake call or message: Fraudsters contact the elderly by calling or messaging.
  • False promises: They make attractive false promises to lure them, such as earning money easily or helping a relative.
  • Use of Bitcoin ATM: They then instruct them to send money through Bitcoin ATM.
  • Money vanishes: Once the money is sent, it vanishes and only then the victim realises that they have been cheated.

How to protect the elderly?

  • Spread awareness: Make the elderly around you aware about Bitcoin ATM scams.
  • Teach online transactions: Teach them about making safe online transactions.
  • Beware of unknown callers: Advise them to be cautious of unknown callers.
  • Seek help in case of fraud: If an elderly person becomes a victim of fraud, encourage them to immediately contact the police or the concerned authorities.

Be cautious to avoid Bitcoin ATM scams and make people around you aware too!

Additional information:

  • Bitcoin ATMs look like traditional ATMs and work in the same way, but transactions in them take place through cryptocurrency (digital currency like Bitcoin).
  • Bitcoin ATMs are legal in the US, but have been banned in some countries such as the UK and Singapore.
  • Fraudsters trap people in many ways. Sometimes several fraudsters together commit fraud by posing as employees of a government agency or a large technology company (such as Microsoft or Apple).
  • Often, fraudsters obtain the phone numbers of victims from the Dark Web. This is the part of the Internet that common browsers and search engines cannot find.
  • Fraudsters often resort to fake alerts to panic people and force them to take hasty decisions.

Note: If you are ever asked by an unknown person or organization to deposit money in a Bitcoin ATM, be careful. Do not take any hasty decision and first check its authenticity.