NEWS: New FinCEN notice warns of rising crypto ATM scams
By PAUL O’DONOGHUE, Senior Correspondent
CRIMINALS increasingly use crypto ATM scams to steal money from victims, the U.S. Financial Crimes Enforcement Network (FinCEN) has warned.
In a new notice, FinCEN urged financial institutions to stay alert for suspicious activity involving virtual currency kiosks, also known as crypto ATMs.
“While CVC kiosks can be a simple and convenient way for consumers to access CVC, they are also exploited by illicit actors, including scammers,” FinCEN said.
“The risk of illicit activity increases when kiosk operators fail to meet their obligations under the Bank Secrecy Act (BSA).”
These kiosks allow customers to exchange fiat currency for cryptocurrency through…
