FBI found wire transfer fraud involving cryptocurrency ATM

Recently, the FBI issued the latest warning to remind everyone to be alert to a new type of scam involving cryptocurrency ATMs. The scammer asks the victim to deposit cash in a cryptocurrency ATM, and then uses the QR code wallet address (via an exchange) to send the cryptocurrency purchased by the victim to them.

Despite the use of cryptocurrency, the tricks used by scammers to lure victims are still the same. False promises to give certain benefits, or pretend to be a bank to defraud the victim’s trust. Trick them to send money in some way.

In this example, the FBI revealed that scammers sometimes give petty gains, and then send them to an encrypted currency ATM machine that supports reading QR codes. Once the victim enters the set and sends a QR code to the scammer, the machine will send any amount of cryptocurrency purchased by him to the scammer’s wallet address.

After the victim realizes that he has been deceived, the decentralized and anonymous nature of cryptocurrency will make it almost impossible to trace and recover the loss in the follow-up.

In view of this, the FBI has taken the trouble to publicize various anti-fraud cases to the public. But the best anti-fraud method is to never send money to an unknown person through any form of wire transfer.

Read more about

Disclaimer

LockMeta endeavors to provide accurate and current information. However, due to the evolving nature of the crypto space and reliance on external sources, we cannot guarantee its complete accuracy. We advise users to conduct their own research and consult professionals before making decisions. LockMeta assumes no liability for actions based on our content.

Advertisement

More from this stream

Recomended

UK Regulatory Body Reviews Microsoft-OpenAI Partnership for Potential Market Impact

The United Kingdom's watchdog for stopping unfair business, the Competition and Markets Authority (CMA), is looking closely at the partnership between Microsoft and OpenAI.

EU Considers WTO Legal Action Against U.S. Over Steel and Aluminum Trade Dispute

The EU might restart a lawsuit against the USA at the World Trade Organization (WTO) because of a metal trade fight left from when Trump was president.

U.S. Economy Faces Mixed Outlook as Stock Market Braces for 2024 Shifts

Michael Hartnett, a strategist at Bank of America, recently said that the continued rebound in U.S. Treasury prices suggests a slowdown in economic growth.

Norwegian Sovereign Wealth Fund Challenges Tesla on Labor Rights

Tesla and a group of Swedish auto mechanics are in a growing dispute.