Cryptocurrency ATMs and Why Criminals Love Them

By | May 7, 2024


Kiosks are everywhere, helping scammers steal cash from victims

Article from AARP in March 2024 on What to Know About Cryptocurrency ATMs and Why Criminals Love Them. There is a nice video explaining it all. Thanks to Francie M.

cryptocurrency atm kiosk

cryptocurrency atm kiosk


Here’s a summary of the key points

  • Scam Incident: Alaina Weisman, a 77-year-old actor and writer, was tricked into feeding over $11,000 into a cryptocurrency ATM by scammers posing as federal agents
  • Crypto ATMs: These kiosks are increasingly being used by scammers for various schemes, with over 49,000 in the U.S., up from about 1,200 in 2017
  • Scammer Tactics: Scammers exploit the ATM’s resemblance to traditional bank ATMs and the anonymity of cryptocurrency to move victims’ cash into untraceable accounts.
  • Consumer Protection: Several states are enacting laws to regulate crypto ATMs, and authorities urge reporting scams to the FTC and FBI’s

For detailed information on how victims can protect themselves from further loss or identity theft after a scam, the web page suggests contacting the AARP Fraud Watch Helpline

How Much Do You Know?  Quiz yourself —

More Links

Author: Staff Writer

Craig Keefner is the editor and author for Kiosk Association and kiosk industry. With over 30 years in the industry and experience in large and small kiosk solutions, Craig is widely considered to be an expert in the field. Major kiosk projects for him include Verizon Bill Pay kiosk and hundreds of others.