Crystal Intelligence’s Post

The proliferation of #crypto ATMs in the U.S. has raised concerns. These kiosks, often tucked away in gas stations and laundromats, allow users to convert cash into #cryptocurrency. However, they’ve become a favored tool for scammers. Experts warn that lax regulations and inconsistent oversight exacerbate the problem. The Federal Bureau of Investigation (FBI) estimates that crypto ATM scams caused over $120 million in losses in 2023 alone. #fraud #scam https://lnkd.in/gawEvjrE via The Organized Crime and Corruption Reporting Project

Crypto ATM Tucked away in low-key locations like gas stations, vape shops, & laundromats, crypto ATMs are touted by operators as an easy way to change cash to crypto. However, experts say crypto ATMs have become a vehicle for international criminal enterprise. A small number of crypto ATMs allow users to sell bitcoin and take out cash, but the majority only convert cash to crypto. The machines have less stringent identification requirements than online crypto exchanges... #crypto #cryptocurrencies #compliance #moneylaundering #risk #crime https://lnkd.in/dYyNfZ9P

Here in the UK, we’ve got very strict regulations on crypto ATMs. Although this means we’re far less likely to see them directly involved in fraud, this OCCRP article makes it clear that an international response is needed if we want to tackle the crypto ATM fraud that’s currently prevalent in the USA. The article below – it focuses on crypto ATMs specifically, but many of the takeaways apply to crimes facilitated by crypto more widely too. After all, ATMs aren’t the only way fraudsters are funnelling money through crypto, and a broad education on the topic is needed to counter these criminals. https://hubs.li/Q02HqC2q0 #Crypto #Fraud #Scams

🚨California introduces regulations on Bitcoin ATMs to limit fraud! 🚨 Did you know that California is taking steps to regulate the use of Bitcoin ATMs to protect consumers from fraud and abuse? The state has introduced new rules that require operators to obtain a license and follow strict guidelines to ensure the safety of users. This is a major development in the world of cryptocurrency and is sure to have a significant impact on the industry. By implementing these regulations, California is sending a clear message that it takes the safety and security of its residents seriously. The use of Bitcoin ATMs has become increasingly popular in recent years, but without proper oversight, they can be vulnerable to criminal activity. These new regulations will help to protect users and ensure that the

The rise in cryptocurrency scams is a serious issue that requires vigilance and informed action. By understanding how these scams operate and taking proactive steps to secure your digital assets, you can significantly reduce your risk of falling victim. As law enforcement continues to adapt to these new challenges, public awareness and cooperation remain crucial in combating this digital menace. Stay safe, stay informed, and protect your assets.

Although this PSA is US-centric, I’ll suggest that its impact is similar to that of the Canadian fraud landscape. Excerpt👇 Cryptocurrency surged as a major payment method for scams in recent years, along with the massive growth in crypto payments on fake investment opportunities.But now crypto is a top payment method for many other scams, too.Widespread access to BTMs has helped make this possible. Reports of losses using BTMs are overwhelmingly about government impersonation, business impersonation, and tech support scams.

Are emerging trends in cryptocurrency scams like "pig butchering" posing a growing threat to financial security? The US Justice Department recently arrested two Chinese nationals involved in a $73 million cryptocurrency scam. Yicheng Zhang and Daren Li allegedly used shell corporations to launder funds from deceived victims through US banks and accounts in the Bahamas. The scam, known as "pig butchering," involves fraudsters building trust with victims over time, convincing them to invest in fake cryptocurrency opportunities, and then laundering the stolen funds internationally. Read the article at the link here and share your thoughts below: https://bit.ly/3WSdPVo #ICCFraudNet #FraudNet #CryptocurrencyScam #PigButchering #FinancialFraud #CryptoScam

🚨 Scams that direct you to Bitcoin ATMs Are on the Rise! 🚨 Thanks to Daniella Alessandra Genovese for bringing this to light. In her recent FOX Business article, she shares the growing threat scams that drive victims to use Bitcoin ATMs. Fraudsters are duping unsuspecting individuals into transferring Bitcoin, leading to significant financial losses. 🏦🔒 Industry expert Sheldon Weisfeld told FOX Business that "Bitcoin ATMs, in particular, are an attractive tool for scammers" because there is no in person stop gap. Check out the article series and stay vigilant. #CyberSecurity #Bitcoin #ScamAlert #Fintech #PublicAwareness #SheldonWeisfeld #DaniellaGenovese Read more: https://lnkd.in/eg9EVMqV

$5.6 Bil Crypto Currency taken by Scammers-In the fast-evolving crypto landscape, even the tech-savvy need to stay vigilant, as scammers prey on convenience, confidence, and urgency. 🪙These users, confident in their knowledge of digital tools, often fall victim to sophisticated schemes involving QR codes and crypto ATM machines, particularly at gas stations. 🛑Top scams: coupons, contests and sweepstakes, dating, entertainment/ticket discounts, gig employment. gaming Scammers leverage: ✔️A False Sense of Security: Tech-savvy individuals believe they are less vulnerable due to their familiarity with technology, but scammers exploit this confidence by using advanced techniques like QR code manipulation and creating legitimate-looking crypto platforms. ✔️Sophisticated Tactics: Scammers expertly mimic the interfaces of trusted crypto wallets and ATMs, making their schemes look professional and credible, tricking users into unknowingly transferring funds. ✔️Psychological Manipulation: Even experienced users can be caught off guard when scammers create urgency, such as claiming a security threat or limited-time offer, prompting quick actions without the usual caution. With an increasing focus on more knowledgeable individuals, scammers are proving that no one is immune to their evolving strategies. There are over 500 scams currently reported to the Federal Trade Commission keep this agency and the Federal Bureau of Investigation (FBI) updated if you have insight on these crimes that break commerce, trust, and consumer confidence. #scams #dataprivacy #crypto #fraud #cybersecurity #technology #linkedinnews #cyberawareness Andrew Barker