US FBI issues warning on misuse of Bitcoin ATMs
The US Federal Bureau of Investigation has issued a cautionary warning against the increasing number of frauds using Bitcoin ATMs and QR Codes.
In the released Public Service Announcement (PSA), the FBI revealed that scammers guide the victim to buy cryptocurrencies at an ATM and send the money to the scammer’s wallet address using the automatic QR codes provided to them.
“The FBI has seen an increase in scammers directing victims to use physical cryptocurrency ATMs and digital QR codes to complete payment transactions,” the Bureau said in a statement.
According to the FBI, the scammers keep in touch with the victims online and instruct them step-by-step until the payment is completed. When payments are completed, fraudsters often transfer their cryptocurrencies to overseas accounts immediately.
The bureau noted that it is then difficult to recover the funds since cryptocurrencies settlement often took place in real-time, unlike traditional overseas remittances that take at least one to two days to settle.
The announcement listed several types of scams that have subjected individuals to such frauds. The types of scams include online impersonation schemes, romance schemes, and lottery schemes.
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