LAS VEGAS (FOX5) — Nevada Secretary of State’s Office issued a warning Tuesday about an increasing number of scams related to cryptocurrency ATMs, or Bitcoin ATMs.
Secretary Francisco Aguilar urged residents to look out for fraudsters capitalizing on the success of these machines, and enticing victims to transfer money or other crypto assets.
“Cryptocurrency continues to gain popularity for its accessibility, privacy and other advantages, but bad actors are taking advantage of the technology. Crypto transactions are designed to be anonymous and instantaneous – making it hard for the fraudster to be tracked and the losses to be recovered,” said Secretary of State Francisco Aguilar. “Scammers will contact people with promises of a great investment with fast returns and limited risk. Remember: If it sounds too good to be true, it probably is.”
The Federal Trade Commission reports consumers lost over $110 million in losses to Bitcoin ATM machines in 2023. They also highlighted that these machines do not limit how much you can deposit, so there are no limits of how much you can use. Additionally, these machines do not verify identities of senders or recipients and lack any fraud protections of reimbursement policies, making it hard to track or recover losses.
Aguilar urges residents to slow down if they find themselves being rushed to the nearest ATM, and check with legitimate investment professionals before agreeing to any deposits. Additionally, residents are urged to confirm any “urgent pleas” from family or friends.
If you think you’re a victim of investment fraud, or know someone who might be, the SOS Office encourages you to report it here.
For those who believe they are victims, the Nevada Legislature passed Senate Bill 76, which creates a statewide securities restitution fund to provide financial assistance to victims of investment fraud. Learn more about it here.
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