The United States Federal Trade Commission (FTC) has reported a 10-fold rise in scams involving Bitcoin ATMs since 2020, with fraudsters exploiting anonymity and the speed of cryptocurrency transactions. These scams often involve malicious actors convincing victims to unwittingly transfer their funds via Bitcoin (BTC) ATMs under false pretenses.

According to FTC data, losses from Bitcoin ATM scams exceeded $110 million in 2023, with consumers aged 60 and older three times more likely to fall victim. The FTC and industry leaders are now stressing the importance of caution and preventive measures to combat this growing threat.

In response to the FTC warning, a Bitcoin Depot spokesperson discussed consumer protection and scam prevention strategies, highlighting the need for increased education and awareness around the risks associated with Bitcoin ATM transactions, particularly for vulnerable populations like the elderly.

Source: https://cointelegraph.com/news/bitcoin-atm-scams-rise-10x-ftc-warns

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