CFTC warns crypto ATM scams cost $388 million last year
Business
Crypto ATM scams are on the rise, with the CFTC sounding the alarm after people lost over $388 million last year.
Scammers trick folks at crypto kiosks using QR codes and wallet addresses, often staying on the phone until the victim makes the deposit and guiding them through the transaction.
Over 13,400 complaints filed in 2025
More than 13,400 scam complaints were filed in 2025. The number of complaints increased by 23% in 2024 compared to the previous year.
More than half came from people above 50 years of age, who lost more than $302 million.
Arizona's new law helped some victims get refunds, but officials say report fraudulent transactions before the 30-day deadline and contact authorities.