North Carolina Attorney General Josh Stein has issued a warning about increasing bitcoin ATM scams after receiving many complaints.
The alert provides tips on how to avoid these scams, including being cautious with unsolicited requests for cryptocurrency payments, being wary of online relationships that turn financial, verifying investment advice, and steering clear of get-rich-quick schemes. Victims are encouraged to report scams to local law enforcement and the Consumer Protection Division.
North Carolina AG Warns About Bitcoin ATM Scams
North Carolina Attorney General Josh Stein issued a consumer alert on Friday about increasing bitcoin ATM scams, prompted by numerous complaints from individuals who were defrauded at these kiosks.
The alert highlights that while bitcoin ATMs can be used for legitimate purposes, scammers may exploit them to steal money. Once funds are converted or sent through cryptocurrency, it becomes challenging for law enforcement to recover the stolen money.
Tips to Avoid Bitcoin ATM Scams
To help avoid bitcoin ATM scams, the Attorney General’s office provided several key tips. First, be cautious of unsolicited messages requesting cryptocurrency payments. It is important to think carefully before sending money via gift cards, wire transfers, or cryptocurrency, as these methods are common in scams. The alert stresses, “They are almost always scams.”
Second, be wary of online relationships that quickly become financial. Scammers often establish connections on platforms like Facebook or LinkedIn and eventually request money. If an online acquaintance or romantic interest asks for money through bitcoin ATMs, it is likely a scam, the alert warns.
Third, always verify the identity and credibility of anyone offering investment advice. Scammers may pose as professionals to deceive newcomers. Confirm their reputation and identity, and if you are unsure, contact the Attorney General’s office for guidance. The alert advises, “Make sure you can confirm your expert’s identity.”
Additional Advice on Avoiding Bitcoin ATM Scams
The Attorney General’s office also warned consumers to be vigilant against get-rich-quick schemes and scare tactics. The alert cautions that bad actors often lure individuals by promising fast profits from cryptocurrency investments. If a deal seems too good to be true, it likely is.
Additionally, consumers should be wary of recovery scams that claim to retrieve lost funds for a fee but fail to deliver. Finally, the alert advises reporting any bitcoin ATM scams to local law enforcement and the Consumer Protection Division.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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