Understanding the Scam Tactics
These scams typically start with impersonation, with fraudsters pretending to be law enforcement officials or close family members. Victims are often contacted via phone or text and coerced into depositing cash at crypto ATMs under pressure. Many individuals comply due to fear, resulting in significant financial loss.
New Steps to Tackle the Issue
In response, Arizona Attorney General Kris Mayes has introduced a dedicated complaint form to streamline the reporting process for victims. This initiative aims to collect data efficiently and improve the chances of recovering stolen funds.
Key Scam Statistics
- Total losses from crypto ATM scams reached $246 million in the U.S. in 2024
- Over 43% of victims were aged 60 or above
- Scammers often use psychological pressure to push victims into action
Experts advise the public to stay vigilant. If contacted by someone claiming to be an authority figure, it is crucial to verify their identity before taking any action, especially involving crypto ATM transactions.