A Giant Red Flag Every Senior Should Know

Bitcoin ATMs are operated by a handful of company’s, but they generally look similar to this example.

Bitcoin ATMs, once seen as a convenient way to buy cryptocurrency, have become a favored tool for scammers targeting older adults. According to the Federal Trade Commission (FTC), consumer losses from Bitcoin ATM scams surged tenfold from 2020 to 2023, reaching $114 million.

These scams often begin with a phone call from someone impersonating a government official or tech support agent, claiming there's an urgent issue requiring immediate payment. The caller instructs the victim to withdraw cash and deposit it into a Bitcoin ATM, often providing a QR code linked to the scammer's digital wallet Older adults are particularly vulnerable, with reports indicating they are more than three times as likely to fall victim compared to younger individuals.

The FTC emphasizes that legitimate organizations will never demand payment via Bitcoin ATMs. If you or someone you know receives such a request, it's a red flag for a scam.