The US Federal Trade Commission warned people to remain away from crypto ATM scams.
Adoption of this crypto industry is rapidly growing and also new challenges are coming because of the surge in the numbers of bad actors in the crypto industry. Because of the anonymity of the crypto transactions, bad actors choose crypto-related scams, so that no one can easily catch them for small amounts of funds.
Crypto lovers are using crypto ATM debit cards in US-like countries. And scammers are using the Crypto ATM method to steal money from people easily, through their unexpected ideas to trick the users.
The U.S. Federal Trade Commission (FTC) warned all those people, who are using crypto ATM cards or crypto to buy and sell ATM kiosk. Cristina Miranda, exec of FTC’s division of consumer and business education, stated on this matter on Monday of this week to warn people against such ongoing crypto-related Criminal activities.
“There’s a new spin on scammers asking people to pay with cryptocurrency, which involves an impersonator, a QR code, and a trip to a store to send your money to them through a cryptocurrency ATM”
Miranda also noted that scammers may contact you in any way of medium and they will ask for the payment regarding the outstanding payment. Even these scammers may pretend to be an officer from any kind of government agency or any kind of service.
FTC also explained that scammers may trick people for a handsome amount of money to give lottery or maybe some kind of online dating romantic activities. These scammers remained attached to the people until they got the money.
FTC also noted that such scammers may steal all the retirement funds or saving funds of users and all the funds will remain inaccessible to recover.
Agency also explained how these scammers are using QR code systems with embedded personal addresses and tricking the users to buy cryptocurrency from ATMs.
“Once you buy the cryptocurrency, they have you scan the code so the money gets transferred to them. But then your money is gone,” the FTC noted
FTC forcibly said that people should remain away from any kind of person, who is asking for payments in cryptocurrencies. No matter whether that person is from government agencies or any other private utility and services-based company.
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