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January 21, 2022
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US Federal Trade Commission Warns Consumers About Falling for Crypto ATM Scam – Regulation Bitcoin News

The U.S. Federal Trade Commission (FTC) has warned shoppers about scams involving cryptocurrency ATMs. “There’s a new spin on scammers asking people to pay with cryptocurrency,” the FTC described.

FTC’s Warning About Scams Involving Cryptocurrency ATMs

The U.S. Federal Trade Commission (FTC) issued a rip-off alert involving cryptocurrency ATMs Monday. The shopper discover, posted by Cristina Miranda from the FTC’s division of shopper and enterprise training, states:

There’s a brand new spin on scammers asking folks to pay with cryptocurrency.

“It involves an impersonator, a QR code, and a trip to a store (directed by a scammer on the phone) to send your money to them through a cryptocurrency ATM,” the discover particulars.

The scammers may name the victims pretending to be from the federal government, legislation enforcement, or an area utility firm, the FTC famous. They might additionally fake to be a romantic curiosity you met on-line or somebody calling to tell you that you just’ve received a lottery. They will keep on the telephone with you till they’ve acquired your cash.

The FTC defined that the scammer will “direct you to withdraw money from your bank, investment, or retirement accounts.”

Next, they are going to direct you to go to a retailer with a cryptocurrency ATM and purchase cryptocurrency. Then they are going to ship you a QR code with their handle embedded in it.

“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 careworn.

The company emphasised:

Nobody from the federal government, legislation enforcement, utility firm, or prize promoter will ever inform you to pay them with cryptocurrency.

“If someone does, it’s a scam, every time. Any unexpected tweet, text, email, call, or social media message — particularly from someone you don’t know — asking you to pay them in advance for something, including with cryptocurrency, is a scam,” the FTC warned.

What do you consider scams involving cryptocurrency ATMs? Let us know within the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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