FBI issues warning about bad actors using Bitcoin ATMs to steal crypto from victims

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The Federal Bureau of Investigation (FBI) is warning the public that bad actors are using Bitcoin (BTC) ATMs and QR codes to defraud unsuspecting victims.

In a public service announcement, the agency says it is seeing an increase in incidents of scammers telling their victims to deposit money into a cryptocurrency ATM using a QR code associated with a digital wallet.

The FBI claims that these bad actors solicit money from their victims through various fraudulent schemes such as online identity theft schemes, romance schemes and lottery schemes.

The scammer then directs the victim to a physical cryptocurrency ATM to insert their money, purchase cryptocurrency, and use the provided QR code to automatically fill in the recipient’s address. Often times, the scammer is in constant online communication with the victim and provides step-by-step instructions until payment is cleared.

The agency says the decentralized nature of crypto assets makes it difficult to recover money from victims, with much of the stolen funds being immediately sent overseas instead of being tracked and verified by a bank.

“This differs from traditional bank transfers or bank transfers where a payment transaction can sit on hold for one to two days before settlement. It can also make it difficult for law enforcement to collect funds and can leave many victims with financial loss. “

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Featured Image: Shutterstock / Zdenek Sasek / REDPIXEL.PL

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