Hackers use cryptocurrency ATMs for scams — FBI warns

The US Federal Bureau of Investigation reports that cryptocurrency ATMs are becoming a powerful tool for fraudsters targeting cryptocurrencies. The information was made public as part of a public warning about the so-called «piggybacking scam,» where online attackers pose as long-lost friends or potential romantic partners to extract money from victims.

The scheme works like this: scammers «feed» their victims with fake sincerity and interest in their lives to gain their trust. Over time, they begin to engage in discussions with victims about finance and investments. All of this is done with the sole purpose of forcing the person to transfer cryptocurrency to the attacker or make a deposit with the fraudsters.

Crypto ATMs have long been used by fraudsters posing as government officials, law enforcement officers, or utility workers. The scammers force victims to send them payments under the guise of paying bills or unpaid taxes to avoid further fines. The FBI urged people to «verify the authenticity of any investment opportunity» offered by suspicious people on the Internet, watch out for domain names that pretend to be legitimate exchanges, check misspelled URLs, and do not download any programs if their legitimacy cannot be verified.

It should be added that the number of cryptocurrency ATMs installed in the world is not increasing due to the decline of the cryptocurrency market. According to the Coin ATM Radar statistics, there are currently about 38,600 cryptocurrency ATMs in 77 countries. The distribution of digital currency ATMs began to show a regression in the second quarter of 2022, with the production of machines decreasing by 32%. Thus, in the first quarter of 2022, 2,362 ATMs were manufactured and installed, and in the second quarter — 1,600.