Bitcoin ATM scam: what to do if you already put cash in

You're not alone, and it isn't your fault

Bitcoin ATM scams are aimed squarely at older adults. The FTC found that in the first half of 2024, people 60 and older were more than three times as likely as younger adults to report losing money at a Bitcoin ATM. The median reported loss was $10,000. Most reports involved people pretending to be the government, a business, or tech support.

The script is usually the same. The FTC says the caller claims there's a problem with your bank or Amazon account and tells you to withdraw cash and deposit it into a specific machine. Often they text a QR code to scan. Once the cash goes in, it goes straight to the scammer's wallet.

Do this now

1. Stop all contact

   Hang up and block the number. If they told you to go back to the machine, don't.

2. Gather your receipts

   Each deposit prints or emails a receipt. It shows the amount, time, wallet address, and transaction ID. Also save the QR code the scammer sent.

3. Contact the ATM operator

   The operator's name and contact are on the machine and the receipt. The FTC says to tell them it was a fraudulent transaction and ask them to reverse it and refund your money. Do it in writing too, by email or web form.

4. Call your bank

   If you withdrew the cash from a bank, credit union, or retirement account, tell the fraud department. They need to know your account may be a target again.

5. Report to the FBI and FTC

   File at ic3.gov with the wallet address, transaction IDs, and receipt photos. Also report at ReportFraud.ftc.gov.

6. Report to local police

   A police report number helps with the ATM operator and with some state refund rules.

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Check your state's crypto ATM rules

Some states now regulate these machines, and the rules vary a lot. Your state attorney general or financial regulator can tell you what applies. Here's one example of how a state law can work:

• Minnesota (law effective August 1, 2024): new customers are limited to $2,000, and operators must refund new customers for transactions in their first 72 hours if they were defrauded.
• To use it, the Minnesota Attorney General says you must notify the operator and a government or law enforcement agency within 14 days.
• It only covers new customers. People who already had an account with that operator don't qualify for the new-customer refund.

Watch for the recovery scam

After a crypto loss, the next call is often a fake rescuer. The FBI warns that private recovery companies "cannot issue seizure orders" to get crypto back, and that law enforcement never charges victims to investigate.

• Someone says they're from the FBI, the FTC, or a "blockchain recovery" firm and can trace your coins.
• They want a fee, a "tax," or another Bitcoin ATM deposit first.
• They ask for your bank login or Social Security number to "verify" you.

Rules to share with the whole family

• No real government agency, bank, or company will ever ask you to pay at a Bitcoin ATM.
• The FTC says never withdraw cash in response to an unexpected call or message.
• If someone stays on the phone while you drive to the bank, that's a scam.
• If a bank teller asks why you're taking out cash, tell them the truth. They're trying to help.

Questions people ask