LANSING, Mich. (WILX) – Michigan Attorney General Dana Nessel issued a warning Tuesday alerting consumers of scams using Bitcoin ATMS.
According to Nessel, the scam mostly targets older adults. It involves a fake call or message from a scammer claiming to be from a well-known company or even the police. The scammer will tell the victim that their financial accounts have been hacked and that the only way to save their funds, or even avoid jail time, is by withdrawing large amounts of cash from their bank accounts.
That cash is then deposited into a Bitcoin ATM, converting the money into Bitcoin. That cryptocurrency is then sent back to the scammer via a QR code. Then, the money is gone permanently.
“Because money sent through Bitcoin ATMs is nearly impossible to recover and these machines lack oversight and regulation, they have become an attractive option for criminals engaged in fraud and money laundering,” Nessel said. “Staying informed can protect consumers from falling victim.”
No legitimate government organization will ever ask you to deposit money into a Bitcoin ATM. Do not trust caller ID, and never give anyone access to your devices. Make sure to tell your bank about large withdrawals. And, if you feel like you’ve been scammed, contact the Consumer Protection Team.
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