The FBI has put out a PSA about an interesting crypto scam

The FBI has put out a PSA about an interesting crypto scam


Illustration by Alex Castro / The Verge

The FBI is warning people of a new breed of scam involving cryptocurrency ATMs. A con artist convinces a person to put cash into a cryptocurrency ATM and send the purchased coins to the scammer using an address stored in a QR code (via CoinDesk). While the actual scamming is relatively low-tech, it’s an interesting misuse of technology and shows how criminals are using crypto to “improve” on old methods.

As the agency describes it, the scammer will contact their victim and somehow convince them that they need to send money, either with promises of love, further riches, or by impersonating an actual institution like a bank or utility company. After the mark is convinced, the scammer will have them get cash (sometimes out of investment or…

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