↓ The Escalating Prevalence and Devastating Consequences of ATM Coin Scams

The monetary damage wrought by Bitcoin ATM-related fraud is presently reaching staggering lengths. The Federal Trade Commission (FTC) has reported that losses have escalated to $65 million during the initial half of 2024. Numerous instances of fraudulent practices have directed lawmakers to urge primary crypto ATM firms to intensify efforts in fraud prevention. Lawmakers have stressed the urgency of these concerns as fraud losses continue to surge. The FTC has issued warnings regarding the growth of ATM-associated scams. Coin Flip has started deploying Crypto ATMs across Yesway and Allsup's stores in the US, amidst the reports concerning the proliferation of scams. Meanwhile, Bitcoin ATM scam-related losses have amplified tenfold in merely a matter of three years. Notably, the Bitcoin ATM network experienced a 600-machine loss during two months, particularly bearing the most significant impact in Q3 2024. Furthermore, it has been underlined that Bitcoin ATM scams seem to target adults at a higher rate. Consequently, California Court has chosen to uphold a daily transaction limitation on Bitcoin ATMs. The FTC has also disclosed that Bitcoin ATM scams accounted for $114 million in losses during 2023. Crypto ATMs have increased significantly in Australia, despite the related risks. The FTC has revealed a chilling elevation in Bitcoin ATM scams while Bitcoin ATM company Coin Cloud has been hacked. It seems that Bitcoin ATMs have now become a playground for scammers, as a Raleigh woman has attested to. Bitcoin ATMs have been involved in an extensive amount of illicit activities, causing the closure of over 600 machines. The year 2024 is establishing a new record for scam activities orchestrated through Bitcoin ATMs.

ATM Coin News Analytics from Tue, 12 Dec 2023 08:00:00 GMT to Wed, 18 Sep 2024 02:53:31 GMT - Rating -7 - Innovation -1 - Information 8 - Rumor -6