The FTC has issued a warning about a new scam that directs victims to crypto ATMs to send money

<p>An impersonator, a QR code, and a crypto ATM are used in the scam, and victims are asked to cash in and purchase cryptocurrency.</p> <p>The US Federal Trade Commission (FTC) has warned the public about a new scam involving cryptocurrency ATM transactions.</p> <p>According to the warning, perpetrators pose as representatives from government agencies or law enforcement, or as prise promoters. They prey on the public through phone calls, text messages, emails, and social media messages, requesting money for a lottery or prise, or even claiming a romantic interest, for example.</p> <p>The imposter then convinces victims to withdraw funds from their bank or investment accounts. They remain on-call throughout to direct the victim to a nearby crypto ATM to deposit fiat money, primarily to purchase Bitcoin. Once completed, the fraudsters send a QR code containing their crypto address.</p> <p>"Once you purchase the cryptocurrency, you must scan the code in order for the money to be transferred to them." But then your money is gone," the FTC cautioned.</p> <p>The warning comes at a time when scammers are increasingly directing victims to use crypto ATMs and QR codes for transactions, according to a recent FBI alert.</p> <p>In May 2021, the FTC reported that consumers sent over $2 million to impersonators posing as Tesla CEO Elon Musk. From October 2020 to May 21st, nearly 7,000 people reported losses of more than $80 million on that and other fake crypto scams, with a $1,900 median loss.</p> <p>"Many people have told the FTC that they loaded cash into Bitcoin ATM machines to pay imposters posing as Social Security Administration employees." According to the report, "others reported losing money to scammers posing as Coinbase, a well-known cryptocurrency exchange."</p> <p>Repeated Caution</p> <p>The Federal Bureau of Investigation (FBI) pioneered the practise of issuing public warnings about fraudulent schemes involving cryptocurrency ATMs. "Remain vigilant and do not make payments to someone you have only spoke