The Financial Crimes Enforcement Network (FinCEN) has issued an alert regarding a significant increase in scams involving Bitcoin ATMs, with reported losses climbing by 31% to nearly $247 million in 2024. Complaints related to crypto kiosks surged by 99% last year, leading to over 10,956 reports to the FBI. Elderly individuals, particularly those over 60, represent the majority of fraud victims, falling prey to tech support scams where scammers guide them to withdraw funds and make transactions at these ATMs. The advisory highlights blatant regulatory failures among kiosk operators, many of whom do not register as money services businesses or comply with anti-money laundering regulations. As criminals leverage these kiosks for laundering money, federal authorities are urging financial institutions to monitor suspicious transactions closely. Internationally, regulators are tightening controls on crypto kiosks, with some countries imposing bans or transaction caps in light of rising illicit activities.

Source 🔗