Elderly Targeted in Bitcoin ATM Scam Wave

Bassyonni

ago 33 minutes

Concerns are mounting about scams involving Bitcoin ATMs, particularly targeting elderly individuals. Georgia Watch, a nonprofit consumer advocacy group, has raised alarms regarding these machines. They have become increasingly common in convenience and liquor stores throughout Georgia.

Elderly Targeted in Bitcoin ATM Scam Wave

Nearly 1,000 Bitcoin ATM locations have been identified in metro Atlanta alone. The rise of these machines reflects a national trend. In 2020, there were approximately 4,250 Bitcoin ATMs in the United States, and this figure surged to about 30,647 by August 2025. Unfortunately, this increase has coincided with a significant rise in scams.

Financial Impact of Bitcoin ATM Scams

In 2024, the FBI’s Internet Crime Complaint Center recorded 10,956 complaints related to Bitcoin ATMs.
Victims collectively lost approximately $246.7 million to these scams.

These ATMs, often referred to as convertible virtual currency kiosks, allow users to convert cash into cryptocurrency. Consumer advocates warn that they are particularly prone to misuse by scammers preying on vulnerable populations like the elderly.

Regulation Efforts and Local Responses

In response to the growing problem, some local governments have introduced regulations for Bitcoin ATMs. Sandy Springs, for example, passed regulations requiring mandatory machine registration and warning signage. Similarly, Forsyth County introduced a permit requirement for installation, along with scam warnings.

Understanding the Scam Procedure

Scammers typically convince victims to send money and then guide them to the nearest Bitcoin ATM for the transaction. Once cash is inserted, the funds become untraceable. Liz Coyle, executive director of Georgia Watch, provided an example of an elderly woman who lost thousands in a scam. Coyle recounted how the woman, under the influence of an ATM operator, was guided through the process without any clear warnings present.

Advice for Preventing Scams

Engage in conversations with elderly family members about the risks of Bitcoin ATMs.
Emphasize that legitimate businesses will not request payments through such machines.
Implement household rules against using crypto ATMs for any financial obligations.

Steps to Take if You are Scammed

Cease any further money transfers immediately.
Document all relevant details: receipts, kiosk location, time, and amount.
Report the incident to the FBI’s Internet Crime Complaint Center and local law enforcement.
Notify your bank’s fraud department if you withdrew cash from them.
Contact the ATM operator’s customer support for documentation.

Educating older adults about potential scams will help reduce the risk of falling victim to fraudulent schemes. Treating Bitcoin ATMs as high-risk devices and remaining vigilant can protect vulnerable individuals from significant financial loss.