FTC data shows massive increase in losses to Bitcoin scams, older adults often targeted

New data from the Federal Trade Commission shows a massive increase in the amount of money consumers report losing to scammers involving Bitcoin ATM machines. Since 2020, the amount consumers reported losing has increased nearly tenfold to more than $110 million in 2023.

Bitcoin ATMs are machines that look like a traditional ATM and are often found at convenience stores, gas stations and other high-traffic areas. Instead of distributing cash, they accept cash in exchange for cryptocurrency. Their use by scammers, who urge consumers to deposit cash into them to “protect” their savings, is on the rise.

In a newly released data spotlight, the FTC says that fraud losses to Bitcoin ATMs have topped $65 million in just the first six months of 2024. During this timeframe, consumers over the age of 60 were more than three times as likely as younger adults to report losing money to Bitcoin ATM scams. Across all ages, the median loss reported in the first half of this year was a staggering $10,000.

To read the full FTC consumer alert, please follow this link.