Authorities Warn Against Bitcoin Machine Scams This Holiday Season

As the holiday season approaches, authorities are urging people to be vigilant against scams involving Bitcoin machines. Recently, an 81-year-old man from southern Illinois, USA lost his life savings to a scammer, highlighting the need for increased awareness and caution.

The Scam Tactics

The scam typically involves the scammer contacting the victim and tricking them into transferring large amounts of money. According to the Federal Trade Commission, consumers lost more than $110 million to this type of scam in 2023.

Why Bitcoin?

Sydney Waters from the Better Business Bureau explains that scammers prefer Bitcoin transactions because they are not monitored. “What people don’t realize is these transactions are not approved by banks, so it’s really just between you and the person you’re sending the money to, and unfortunately sometimes just you and the scammer. So these are very high-risk transactions no matter what platform you’re using,” Waters said.

Red Flags to Watch For

Waters advises that there are several red flags to look out for, with unsolicited contact being a major one. If you receive an unexpected text or call about verifying changes to an account, it’s likely a scam. “What they’re doing is they’re trying to get you to call and release all of your sensitive banking information, or sometimes just scare you…into transferring all of your money into a Bitcoin account to keep it safe,” Waters said.

This is how much a Bitcoin machine makes monthly pic.twitter.com/ncdxrzzD3B

— Interesting As Fuck (@interesting_aIl) December 5, 2024

Protecting Yourself

Legitimate bankers will never ask you to transfer your money into a Bitcoin account. Scammers may also impersonate government officials or delivery service personnel, pushing for confirmation of personal data through text, phone, or online forms. “Just by clicking that link, you can download malware onto your device, so you don’t even have to go any further,” Waters warned.

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