FinCEN Issues Warning on Bitcoin ATMs Used in Scams
Main Idea
FinCEN issued an urgent alert about rising fraud schemes involving crypto ATMs, with reported losses increasing significantly in 2024.
Key Points
1. Fraudulent schemes exploiting crypto kiosks led to nearly $247 million in victim losses in 2024, a 31% increase.
2. Complaints involving Bitcoin ATMs surged by 99% in the past year, with over 10,956 incidents reported to the FBI.
3. Elderly victims (over 60) accounted for more than two-thirds of crypto kiosk fraud losses despite low crypto usage in this demographic.
4. Criminal groups, such as Cartel Jalisco Nueva Generación, use crypto kiosks for money laundering, with Chicago being a key hotspot.
5. FinCEN highlighted concerns about non-compliance among kiosk operators, including lack of MSB registration and weak AML/CFT controls.
Description
The Treasury’s FinCEN flagged a sharp rise in scams involving crypto kiosks, with victim losses nearing $247 million in 2024.
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