FBI Warns About Crypto ATMs Scams

The FBI’s Miami Field Office has issued a warning that crypto ATMs are becoming a popular technique for scammers to acquire monies from deceived victims.

The information was published as part of a public warning issued on October 3 called Pig Butchering scams, in which fraudsters act as long-lost acquaintances or possible love partners in order to steal money from victims.

Scammers fatten up their victims by seeming to be interested in them in order to gain their confidence, and then gradually add investment conversations into the relationship.

The FBI stated in a public service broadcast made in collaboration with the Internet Crime Complaint Center (IC3) that victims of these pig slaughtering crypto scams had little prospect of recovering their monies.

According to the FBI, victims are tutored through an investing procedure and urged to make ongoing contributions to Pig Butchering scams.

“When the victims attempt to cash out their investments, they are told they need to pay income taxes or additional fees, causing them to lose additional funds. The victims are unable to retrieve their purported investments and often lose contact with the fraudsters, either due to the closing of the fraudulent website or the fraudster ceases contact with the victim.”

The FBI added that scammers have been increasingly directing their victims to transfer funds via crypto ATM machines:

“Many victims report being directed to make wire transfers to overseas accounts or purchase large amounts of prepaid cards. The use of cryptocurrency and cryptocurrency ATMs is also an emerging method of payment. Individual losses related to these schemes ranged from tens of thousands to millions of dollars.”

The FBI advised individuals to verify the legitimacy of any investment opportunities arose by these sorts of persons, to be wary of domain names imitating reputable exchanges and misspelled URLs, and to avoid downloading any apps if the legitimacy cannot be verified.

Scammers have long used crypto ATMs to persuade victims into sending them money under the pretense of paying off debts or delinquent taxes in order to avoid more fines.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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