Crypto ATMs are popping up everywhere. According to Coin ATM Radar, there are over 39,000 machines across the U.S. as of October 2025. These ATMs let you buy and send crypto at convenience stores or gas stations. However, that convenience is what makes crypto ATMs a prime target for scammers.
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Fraud losses at crypto ATMs have been on the rise, skyrocketing from $12 million in 2020 to over $110 million in 2023 and already topped $65 million in the first half of 2024, according to the Federal Trade Commission (FTC). And this is very common for people aged 60 and above. The good news is that these scams are preventable. Below are four ways to protect your finances from crypto ATM fraud.
Also here are other crypto scams to watch out for.
Don’t Believe Anyone Who Says You Need a Bitcoin ATM To Protect Your Money
This is one of the biggest red flags. Banks, government agencies and real businesses will never tell you to use a crypto ATM to protect your money. Scammers often pretend to be from your bank or a government agency, claiming your account is at risk. They’ll pressure you to protect your money by withdrawing cash and depositing it into a crypto ATM or transferring it to a safe wallet. But often that wallet belongs to the scammer.
Never respond to calls or messages telling you your money is at risk and you need to protect it by depositing it to a crypto ATM. If you want to confirm, look up the phone number of the said company on their official website. Don’t use the number they used to call or send the message.
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Slow Down, Scammers Want To Rush You
Scammers rely on urgency. They’ll call, text or email you insisting that if you don’t act right now, your account will be frozen, you’ll lose your money or your loved one will be in danger. Before you act, talk to someone you trust. That could be your friend, family member or financial advisor.
Most scam victims report feeling rushed and pressured into making quick decisions they later regret. Besides, there’s no legitimate emergency that requires you to withdraw a large sum of money and deposit it into a crypto ATM within the next hour. A quick second opinion can save you from falling victim.
Verify the Story Using Trusted Contact Information
If you’re worried about your bank account or an investment, verify it using official contact details. For instance, look up the phone number of your bank on their official website, your mobile app or your account statement.
Call them using the contact information you’ve found and ask if there’s any issue with your account. In most cases, they’ll tell you that there’s no problem at all. The urgent issue is a tactic scammers use to steal your money.
Report the Scam
If you or someone you know has been targeted by scammers, report it immediately at ReportFraud.ftc.gov. Your report helps authorities track scam patterns and warn other potential victims. Even if you didn’t lose money, reporting the attempt matters.
You can also inform local law enforcement and your bank or crypto brokerage. The faster you act, the higher the chance authorities can identify patterns and stop similar schemes from spreading.
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This article originally appeared on GOBankingRates.com: Are Crypto ATMs a Breeding Ground for Scammers? 4 Ways To Fraud-Proof Your Transactions
