Bitcoin ATM machine, dispensing the cryptocurrency Bitcoin, in the Mission District neighborhood of San Francisco, California, January 14, 2018. (Photo by Smith Collection/Gado/Getty Images)
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A report from the Federal Trade Commission (FTC) indicates a 1,000 % increase in money lost to scammers through cryptocurrency ATMs between 2020 and 2023. Additionally, consumers reported losses of $388 million in 2025 a 58% increase in losses over 2024. Cryptocurrency ATM scams have gotten much worse since I wrote about them in Forbes last year.
Bitcoin and other cryptocurrency ATMs look just like traditional ATMs, but instead of distributing cash, they take cash in exchange for cryptocurrency and enable the transfer of the deposited…
