April 1, 2023

Bitcoin had a record year in 2020. Its price went up to the moon. This led to a craze among investors who wanted to get their share of the pie.

There’s still time to get into Bitcoin. If you’re new to the world of Bitcoin, you must know a few things. There are Bitcoin ATM scams out there.

Don’t fall into the trap of scammers. Protect yourself and your investment. Read this article to learn about three of the common Bitcoin ATM scams that exist.

1. Government Impersonation Scams

One of the most common Bitcoin ATM scams out there is the government impersonation scam. It has different variations. This one involves a person calling you pretending to be a government agent.

The person on the other end might say he or she works with the IRS or Social Security Office. The victim will receive a threat about jail time if they don’t pay in Bitcoin right away.

The scammers will provide the victim with a QR code. With the QR code, the victim will have to go to a Bitcoin ATM to make the payment. From there, the scammers will get the Bitcoin payment.

2. Fraudulent QR Codes

The next Bitcoin ATM scam on the list involves fraudulent QR codes. This is a scam that BBB is warning about.

With this specific scam, you may receive QR codes through email, text, or social media. Once you scan the QR code with your phone’s camera, it’ll open a link.

Some of these scams will take you to a phishing website. It’ll ask you to enter your personal information. The scammers will then steal the information.

Don’t give any information you aren’t comfortable sharing. When in doubt, it’s best not to go through with the transaction. Save yourself the trouble and big headache.

3. Bitcoin ATM Kiosks Scams

Be mindful of the Bitcoin ATM you use. The “Out-of-Order” Poster Bitcoin ATM machine scam is a common one. If you find a sign on a Bitcoin ATM stating it’s down, don’t use it.

This scam includes instructions asking the victim to use a QR code that’s on the sign. The victim falls for the scam after failing to deposit the coins in their own wallet.

The victim might think, “the Bitcoin ATM stole my money.” The ATM sent the Bitcoin to the hackers.

You might be asking, “Is Bitcoin ATM safe?” They’re safe, but you must know how to use them. Like you do with a regular ATM, you must look out for suspicious things.

Want to learn more about how to protect yourself? Click the following link to learn more https://www.bytefederal.com/how-to-use-a-bitcoin-atm-the-ultimate-beginners-guide/.

Don’t Be the Victim of Bitcoin ATM Scams

There are different Bitcoin ATM scams out there. Don’t fall victim to any of them. You don’t want to lose your hard-earned money.

Make sure to explore the rest of our blog to continue reading more great articles.

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