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- The FBI warns of an increase in crypto scams using ATMs and QR codes.
- Using a bogus payment request, scammers direct victims to a crypto ATM to withdraw coins.
- Criminals give victims a QR code associated with a cryptocurrency wallet to send cryptocurrencies.
The FBI warned on Friday that criminals are increasingly using cryptocurrency ATMs and QR codes to trick people into giving up their money.
Such Schemes often start with a fraudulent request for funds.. Scammers can pretend to be from a government agency looking for money or from a lottery that requires a fee before a prize can be claimed, according to the FBI.
The criminals then send the victims to a physical cryptocurrency ATM to buy coins. After purchase, victims use a QR code associated with the scammer's crypto wallet to transfer the funds.
Once the payment is made, criminals often transfer the funds to an overseas account immediately, the FBI said. This can make it difficult to recover funds, as traditional wire transfers can remain pending for a day or two prior to settlement.
The FBI advises people to be cautious when someone tells them that they can only accept cryptocurrencies and to avoid cryptocurrency ATMs that advertise anonymity and only require a phone number or email.
The agency's warning comes at a time when cryptocurrency scams are on the rise. A report from a crypto research company in August it said that scams involving crypto are on track to hit a record high in 2021 and have risen by about 41% each year.
