Scammers Increasingly Use Crypto ATMs and Kiosks in Their Schemes
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Scammers are increasingly incorporating crypto ATMs and kiosks into their fraudulent schemes, exploiting these digital currency exchange points to swindle unsuspecting victims.
In a recent case, a woman from Troy, Michigan, was directed to a Bitcoin kiosk at a local gas station after falling victim to a multifaceted scam.
The scam began with an email that asked for a refund for an alleged accidental overpayment of $3,966.
The woman, under the impression that she owed money, was instructed to withdraw cash and deposit it into a Bitcoin ATM.
Despite complying with the scammer’s demands, she was later told that not all the money was received and that she still owed $1,000.
To settle this fabricated debt, she was instructed to purchase two $500 gift cards and read the serial numbers to the scammers over the phone. In total, the woman lost $4,966.
Once the cash is deposited into a cryptocurrency ATM or kiosk, it is immediately converted into digital currency, allowing the scammer to transfer the funds to other accounts, often located overseas.
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