VIDEO: Warning: Beware of Bitcoin ATM Scams Targeting Seniors

Warning: Beware of Bitcoin ATM Scams Targeting Seniors

Across New Jersey and the country, a disturbing scam is being carried out at gas stations and convenience stores. It’s targeting unsuspecting individuals, especially seniors. These scams involve Bitcoin ATMs, which may look like standard ATMs but work very differently. Instead of withdrawing money, these machines take your cash in exchange for cryptocurrency. Unfortunately, scammers are using these machines to steal cash, scaring people into depositing money they’ll never see again.

Criminals make up scary lies. They might tell people they’re about to lose their home, or their electricity will be shut off if they don’t deposit cash into one of these Bitcoin ATMs.

People are being told that urgent problems like the threat of losing their home or having their electricity shut off can only be resolved by depositing cash into these Bitcoin ATMs.

According to the Federal Trade Commission, Bitcoin ATM scams cost consumers over $110 million last year alone. These machines are becoming tools for fraudsters to steal money and send it overseas, making the funds nearly impossible to recover.

To protect our community, I introduced legislation to ban Bitcoin ATMs in New Jersey. In the meantime, here are a few tips to keep yourself and your loved ones safe from these scams:

Never withdraw cash in response to an unexpected call or message.

Do not believe anyone who tells you to use a Bitcoin ATM to resolve a financial issue. No government agency or reputable business would ask you to do this.

If you or someone you know has questions or has been targeted, contact my office at 856-232-6700.