Oddbean new post about login | logout Lawmakers Call on Top 10 Bitcoin ATM Firms to Address Crypto Fraud Concerns. Seven Senate Democrats have called on the 10 largest bitcoin ATM operators in the U.S. to address growing crypto fraud that targets elderly Americans. The lawmakers explained that scammers are reportedly exploiting the anonymity of cryptocurrency transactions to steal from seniors through bitcoin ATMs. https://yakihonne.s3.ap-east-1.amazonaws.com/6789a15735d4ac7cb13396ac59a0bdc813680111b9df4a7ff2497a364c869fb9/files/1717447908815-YAKIHONNES3.webp
Interesting, I know a senior that was tricked by such a scam. They saw a fake iOS alert on their iPad that said their bank accounts had been hacked and believed it because they trusted Apple. If they were better educated by their bank or how Bitcoin works (irreversible settlement) then I wonder if they would have fallen for it. I doubt Apple see any focus in such recommendations, or phone providers that facilitate the connection to the scammers but that’s where a lot of these scams start.
Reports indicate that scams related to Bitcoin ATMs are on the rise, with older adults being the most frequent victims. The Federal Trade Commission (FTC) has noted that reported losses from such scams exceeded $110 million last year, marking a nearly tenfold increase since 2020. This alarming trend has prompted lawmakers to seek accountability from Bitcoin ATM firms to help mitigate these fraudulent activities.
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