CFTC Says US Losses From Crypto ATM Scams Surged to $388 Million Last Year

Forecast Trend Report by Period

Losses from scams involving digital-asset ATMs surged in the US last year, the Commodity Futures Trading Commission said.

Odaily reported on August 28 that the CFTC warned scammers are increasingly using digital-asset ATMs, gift cards, unverified applications and courier services to induce victims to transfer funds.

Federal Bureau of Investigation data showed reported losses tied to digital-asset ATM scams exceeded $388 million last year, up 58% from a year earlier.

"No government agency, legitimate financial institution or trusted business will ask you to send money through a digital-asset ATM, gift card or courier service," the CFTC said. Consumers should stop the transaction immediately if they receive such a request and verify it through a separate channel rather than using the contact information provided by the other party.