Bitcoin ATM Scams: FTC Loss Figures and Warning Signs
Scammers send people to cryptocurrency machines because the money moves fast and is hard to get back.
By Siddharth ShankarUpdated October 24, 2026In September 2024 the FTC reported that losses to Bitcoin ATM scams rose nearly tenfold from 2020 to over $110 million in 2023, and that more than $65 million was lost in the first six months of 2024. The median reported loss was $10,000, and people over 60 were more than three times as likely as younger adults to report losing money. The FTC advises that anyone who tells you to withdraw cash and put it into a Bitcoin ATM is a scammer, and that you should report it to the FTC and the ATM operator.
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Cryptocurrency machines in shops and petrol stations look like cash machines. In scams, they are used to turn your cash into digital money that goes straight to a scammer. This guide follows the FTC’s Data Spotlight on Bitcoin ATM scams.
The numbers
The FTC’s analysis of reports to its Consumer Sentinel Network found:
- Losses to Bitcoin ATM scams rose nearly tenfold between 2020 and 2023, to over $110 million in 2023.
- More than $65 million was reported lost in the first six months of 2024.
- The median reported loss was $10,000.
- People over 60 were more than three times as likely as younger adults to report losing money this way.
These are reported losses. Many scams go unreported, so the real totals are probably higher.
How the scam works
The FTC describes scenarios where scammers contact someone, create fear or urgency and tell them to withdraw cash and deposit it in a Bitcoin ATM. They may guide the person by phone, step by step, and provide a QR code or wallet address for the deposit. Once the cash is converted and sent, it is difficult to reverse.
The scams the FTC’s report links to this method include impersonation of government agencies and businesses, and claims that your accounts are at risk. In each case the instruction to “move your money” for safety is the sign of a scam.
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Warning signs
- Someone tells you to withdraw cash and deposit it into a cryptocurrency machine.
- A caller says your bank account, tax record or computer is at risk, and asks you to act immediately.
- You are told to stay on the phone while you travel to the machine.
- You are asked not to tell the bank, store staff or family.
- You are given a QR code or wallet address to scan.
No legitimate government agency or business will ask you to pay by Bitcoin ATM.
What to do
The FTC’s advice includes:
- Stop. Do not withdraw money or make a deposit.
- Hang up and verify through a number you find yourself.
- Report the scam to the FTC at ReportFraud.ftc.gov and to the Bitcoin ATM operator, whose contact details are on the machine.
- Tell your bank if you shared account details or moved money.
- Warn family members, especially older relatives.
If you have already paid, contact the operator immediately; the chances of recovery are low, but fast reports help. Keep receipts and any wallet addresses.
Why caller details cannot be trusted
Scammers can fake caller ID and use real details about you. See why scam calls show real numbers and how scammers get your phone number and email.
Crypto crime beyond ATMs
Scams are one way people lose digital assets. Other cases include a SIM swap theft case, an investment fraud seizure in the UK and an exchange collapse.
Related payment scams
Compare gift card scams and fake check scams. For wider context, see scam loss statistics and a tech support scam case.
Sources
- FTC Data Spotlight: Bitcoin ATMs, a payment portal for scammers (September 3, 2024) (loss figures, median loss, age data, advice)
Frequently asked questions
How much was lost to Bitcoin ATM scams?
The FTC reported over $110 million in 2023, nearly ten times the 2020 figure, and over $65 million in the first half of 2024.
What was the median loss?
$10,000, according to the FTC.
Who is most affected?
People over 60 were more than three times as likely as younger adults to report losing money.
What is the main warning sign?
Anyone telling you to withdraw cash and deposit it into a Bitcoin ATM is a scammer.
Where do I report it?
To the FTC at ReportFraud.ftc.gov and to the Bitcoin ATM operator.
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