Friday, July 12, 2024
Our office has received complaints from people who report being scammed through Bitcoin ATMs. Bitcoin ATMs are physical kiosks that offer to exchange cash for cryptocurrency. Cryptocurrency is constantly evolving and is extremely difficult to track, which makes it a great marketplace for scammers. People may use Bitcoin ATMs for legitimate reasons, but scammers may use them to try and steal your hard-earned money. Once someone converts or sends money through cryptocurrency, it is difficult for law enforcement to recover the funds.
Follow our tips to avoid being scammed when you use Bitcoin ATMs:
- Read carefully. You may receive unsolicited messages requesting payments through cryptocurrency. Think twice before sending any money through gift cards, wire payments, or cryptocurrency – they are almost always scams.
- Watch out for sweetheart scammers. Some people will attempt to form friendships or romantic relationships with their victims online through Facebook or LinkedIn. Once they have formed a trusting relationship, the scammer will ask for money, oftentimes instructing the victim to use Bitcoin ATMs or other cryptocurrency outlets. If an online love interest is asking you for money, especially via crypto, it is probably a scam.
- Know who you are working with. Some scammers will pretend to be knowledgeable professionals in an attempt to trick new investors. Make sure you can confirm your expert’s identity and check on their reputation. If you aren’t sure of a business’s credibility, call our office before going through with the deal.
- Be wary of get-rich-quick guarantees. Bad actors will sometimes lure people by promising them fast profits from their cryptocurrency investment. If the deal seems too good to be true, it probably is.
- Be cautious of scare tactics. Anyone who threatens you or a loved one if you don’t send money is a scammer. Don’t let these bad actors scare you into a bad deal.
- Look out for recovery scams. If you have fallen victim to a cryptocurrency scam, watch out for slick businesses that attempt to take even more from you. These recovery websites will promise to track down your lost funds for a fee but never follow through. Remember, these sites have no authority to recover your money.
- Report. If you have been a victim of a scam while using Bitcoin ATMs, contact local law enforcement immediately. You can also submit claims to the NC Secretary of State or our office’s Consumer Protection Division at www.ncdoj.gov/complaint.