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FBI Warns of Scams Using Crypto ATMs and QR Codes
The U.S. law enforcement agency says there has been an increase in scammers directing victims to use physical crypto ATMs and QR codes to complete transactions.
The Federal Bureau of Investigation (FBI) is warning there has been a rise in fraudulent schemes using cryptocurrency automated teller machines (ATM) and quick response (QR) codes to facilitate payments.
- The FBI said it has seen an increase in scammers directing victims to use physical crypto ATMs and QR codes to complete payment transactions.
- Scammers will request payment from the victim and then direct the victim to withdraw money from the victim’s financial accounts, such as investment or retirement accounts.
- The FBI warns they will also provide a QR code associated with the scammer’s cryptocurrency wallet for the victim to use during the transaction.
- The scammer will then direct the victim to a physical cryptocurrency ATM to insert their money, purchase cryptocurrency and use the provided QR code to auto-populate the recipient address. Often the scammer is in constant online communication with the victim and provides step-by-step instructions until the payment is completed, said the FBI.
- “It is important to remain vigilant and not make payments to someone you have only spoken to online, even if you believe you have a relationship with the individual,” advised the FBI.
STORY CONTINUES BELOW
Read more: Federal Officials Recover Bitcoin Ransom From Colonial Pipeline Attack
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
