A consumer from the Lima area recently contacted BBB after his wife lost$17,000 in a cryptocurrency ATM scam at a local gas station. Unfortunately, this is not an isolated incident. Similar reports have surfaced across Ohio, with scammers directing victims to cryptocurrency ATMs located in convenience stores and gas stations.
These machines, often called Bitcoin or Crypto ATMs, are legitimate businesses—but scammers have increasingly turned them into a preferred way to steal money because cryptocurrency transactions are extremely difficult, if not impossible, to reverse.
How the scam works
Scammers often pose as a bank, government agency, tech support, or utility company and claim your money or accounts are at risk. They then instruct victims to withdraw cash and deposit it into a cryptocurrency ATM. Once the money is sent, it is nearly impossible to recover.
According to the Federal Trade Commission, consumers reported losing more than $110 million to Bitcoin ATM scams in 2023, and more than $65 million during just the first half of 2024. Adults over age 60 are especially targeted, with reported losses more than three times higher than younger consumers.
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BBB Tips
- Never deposit cash into a cryptocurrency ATM because someone told you to.
- Legitimate businesses, banks, and government agencies will never demand payment through cryptocurrency.
- If you’re pressured to act immediately, stop and verify the request using a trusted phone number.
If you’ve been targeted
If you believe you’ve been the victim of a cryptocurrency scam:
- Report it to the FTC.
- File a report with the FBI’s Internet Crime Complaint Center (IC3).
- Report the incident to BBB Scam Tracker to help warn others.
- Contact your local law enforcement agency as soon as possible.
This growing trend presents an opportunity to educate consumers before they become the next victim. As cryptocurrency ATMs become more common in gas stations and convenience stores throughout our communities, awareness remains one of the best tools to prevent these devastating losses.
