Money Moment: Crypto ATM scam warning from FTC

Published: Sep 03, 2024 Duration: 00:02:24 Category: News & Politics
Tags : news money ] local [ morning-show
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Money Moments on four sponsored by Gregory. Rick and Associates, the Total Wealth Authority 615 in this morning's money moment. The Federal Trade Commission warns scam activities related to Cryptocurrency. Teller machines are on the rise. Bitcoin teller machines or crypto ATM S can be found at convenience stores, bars and gas stations instead of letting you withdraw cash, users can buy or sell digital currency using their real cash or their cards. Another difference is that these ATM S are linked to a digital crypto wallet, not a bank account at a regulated financial institution. The better business bureau says scams using these types of ATM S are common. They say among their most common financial scams, criminals often target older customers with people 60 years and older being three times more likely to fall victim. A fraudster may claim your computer or bank account has been hacked and to some criminal activity and then instruct you to withdraw cash from your real account and then send a QR code for you to put that money into a crypto machine, sending it to the thieves wallet. And once that happens, it's nearly impossible for you to recover your money. This exact situation happened just as recently as this week to a 74 year old woman in Saint Tammany Parish, Wanda. Tar told Saint Tammany Parish sheriff's deputies that she was on the phone with scammers for six hours after she called the number she thought was apple security. Those scammers told her to drain nearly 11 $1000 out of her account to prevent someone from buying gold bars with her money. Meantime, they sent a link which allowed her to remote into her phone's mic and camera. The scammers even tried to text her family. According to authorities, they told me I was being followed. They knew where I was. I said, oh my God, you can't connect, you can't talk to anybody. You can't text anybody because your family will be in jeopardy bottom line. A real business or government agency will never ask you to do any of these things. As we say, whenever we tell you these stories, never, never click suspicious links no matter where you are on social media. If it's sent to you and always verify phone numbers you find online. And that is your money moment for this Wednesday morning.

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