FinCEN Flags $247 Million Crypto Kiosk Scam Surge Targeting Elderly
Main Idea
FinCEN warns about the increasing use of crypto kiosks in scams, with reported losses reaching $247 million in 2024, primarily targeting elderly individuals.
Key Points
1. Reports to the FBI on Bitcoin ATM fraud nearly doubled in 2024, with over 10,950 related complaints.
2. Crypto kiosks, often called Bitcoin ATMs, have grown from around 4,100 in 2019 to over 37,000 today.
3. Many kiosks skip basic identity verification steps and charge high fees, sometimes up to 25%.
4. Adults over 60 are the most affected demographic in these scams.
5. FinCEN highlights operational problems with many kiosks, including lack of compliance with basic security measures.
Description
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a warning about the growing use of crypto kiosks in scams , especially those targeting older adults.
Latest News
- Coinbase Hit by $300,000 Loss From Token Approval Mistake2025-08-15 08:58:06
- $200 Million Paynet Coin Ponzi Busted in Vietnam, $38 Million in Assets Seized2025-08-15 08:55:38
- Justin Sun Fights Bloomberg’s Plan to Expose His Crypto Fortune2025-08-14 10:09:44
- a16z and DeFi Education Fund Push SEC for Safe Harbor on NFTs and DeFi2025-08-14 04:51:39
- Google Play Tightens Crypto Wallet Rules, Spares Self-Custody Apps2025-08-14 04:51:07