🎁 Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. JOIN NOW! 🔥

FinCEN Flags $247 Million Crypto Kiosk Scam Surge Targeting Elderly

Key Takeaways

  • ​FinCEN warns that crypto kiosk scams led to $247 million in losses in 2024, with older adults making up most of the victims;
  • Reports to the FBI on Bitcoin ATM fraud nearly doubled in 2024 as machines grew to over 37,000 nationwide;
  • Many kiosks skip ID checks and promote anonymity, which allows scammers to guide victims through untraceable transactions.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

FinCEN Flags $247 Million Crypto Kiosk Scam Surge Targeting Elderly

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.

In an August 4 notice, the agency said losses tied to these machines reached nearly $247 million in 2024, a 31% increase compared to the previous year.

Often referred to as Bitcoin BTC $113,927.39 ATMs or convertible virtual currency (CVC) kiosks, these machines have seen a rise in usage and complaints. The FBI’s Internet Crime Complaint Center received over 10,950 related reports in 2024.

What are Stablecoins, Altcoins & Wrapped Coins Explained!

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

At the same time, the number of kiosks operating across the US has surged from around 4,100 in 2019 to more than 37,000 today.

FinCEN highlighted several problems with how many of these kiosks are run. A number of operators fail to register as money service businesses, and many skip basic steps like verifying users’ identities.

Some advertise privacy and charge high fees, sometimes as much as 25%, while allowing repeated transactions without ID checks.

The alert also noted that adults over 60 are suffering the most harm. Despite being less likely to use cryptocurrency, they make up more than two-thirds of those affected by these scams.

In many cases, victims are pressured into withdrawing savings or retirement funds and converting them into crypto, which is then sent through a kiosk.

The Michigan town of Grosse Pointe Farms has recently introduced rules to regulate crypto ATM operations, despite none currently existing there. What do the rules include? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

CLAIM $100 BONUS

Changelly Welcome Reward
Rating
5.0