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In 2023, consumers reported $114 million in losses from scams involving BTMs — a nearly 900% increase over the preceding three years, the FTC said Tuesday in a report. Losses through June of ...
Bitcoin ATMs have become an easy way to steal for scammers. One is seen here at the Clark Street subway station on June 13, 2022, in the Brooklyn Heights neighborhood of Brooklyn, New York.
The FTC said reported losses from Bitcoin ATM fraud topped $110 million last year, as scammers lure victims to send them large sums through the crypto kiosks.
An advance-fee scam is a form of fraud and is a common confidence trick. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum.
In July, another Northville Township woman in her 50s lost $50,000 in cash and another $50,000 in bitcoin in a scam that began with email phishing and a fake overpayment into a PayPal account.
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Jon Montroll, the man behind BitFunder and WeExchange, was charged with fraud last February. He pleaded guilty last July, and will be sentenced in April. Montroll reportedly hid the theft of over ...
3. ‘I’m a Nigerian prince.’ The “Nigerian prince” scam is one of the oldest since the internet was invented. A wealthy individual claims they can’t access their money for some reason ...