Data: Bitcoin ATM Fraud Losses Have Grown Nearly Tenfold Since 2020

The U.S. Federal Trade Commission (FTC) has released data showing a dramatic increase in financial losses suffered by consumers from bitcoin automated teller machine (ATM) scams. Since 2020, the amount of this loss has increased nearly tenfold.

The latest data focus released by the FTC states that Bitcoin ATM scams caused more than $65 million in fraud losses in the first six months of 2024 alone. Particularly striking is the fact that seniors over the age of 60 are at more than three times the risk of being compromised in these scams than younger adults. On an annual basis, consumers reported an average loss of up to $10,000 in the first half of the year.