Crypto ATM Scams: What You Need To Know
Crypto ATMs have become a popular tool for fraudsters to steal money from unsuspecting victims. These scams often begin with phishing emails or fraudulent phone calls that pressure you to withdraw cash and deposit it into a Crypto ATM. The scammer will claim this step is necessary to secure your money. In reality, once the cash is deposited and converted to cryptocurrency, the funds are sent directly to the scammer’s digital wallet. At that point, recovery is nearly impossible.
How Crypto ATM Scams Work
Many of these scams begin with a phone call or email claiming there is suspicious activity on your account, such as an unauthorized bank charge. In more aggressive cases, scammers falsely accuse you of being connected to money laundering or other financial crimes. They then instruct you to withdraw money from your savings, checking, or investment accounts and deposit it into a Crypto ATM. The scammer will insist this is the only way to protect your funds or resolve the issue. Once you make the deposit, the money is gone.
Why Crypto ATMs Are Risky
Crypto ATMs operate with minimal oversight and lack the same fraud protections as traditional banking systems. Transactions are often anonymous, irreversible, and difficult to trace. As a result, scammers utilize these machines to transfer stolen funds quickly and anonymously.
To protect yourself, keep these tips in mind:
- Be skeptical: Legitimate companies or government agencies will NEVER ask you to withdraw cash and deposit it into a Crypto ATM.
- Ignore urgency: Fraudsters rely on panic and pressure. Take a moment to stop, think, and verify.
- Verify independently: If you receive a suspicious call or email, contact the company or agency using a known and trusted number.
Protect Yourself
If anyone tells you to use a Crypto ATM to resolve an issue or protect your money, it is almost certainly a scam. No credible financial institution or government agency conducts its business in this manner. When in doubt, contact our Client Service Center at 915.532.1000 (El Paso) or 575.323.6040 (Las Cruces) before taking any action.
For additional tips on protecting yourself at the ATM, click here.