Fox Valley Woman Exposes Cryptocurrency ATM Scam in Consumer Alert
A Fox Valley woman is shedding light on a rising scam involving cryptocurrency ATMs. In a recent consumer alert, she hopes her experience will prevent others from falling victim to this increasing crypto crime.
How the Cryptocurrency ATM Scam Began
Identified only as Beth for her privacy, she revealed that a single phone call changed her life dramatically. This incident began nearly a year ago when a suspicious message appeared on her new computer. Claiming to be from Microsoft Office, the notification stated there was a breach in her system. Trusting the message, Beth called the provided number.
The call connected her with someone posing as a fraud investigator, who falsely claimed to have found explicit material on her device. “They had everything in place to make it seem legitimate,” Beth reported.
The Elaborate Scam Unfolds
Following the scammer’s unclear instructions, Beth withdrew cash from her bank, under the pretense of a home renovation project. The scammer instructed her to go to a specific gas station to deposit the money into a cryptocurrency ATM. Unfamiliar with the concept, Beth complied.
- She deposited a significant amount of cash into the machine.
- The call lasted almost four hours, preventing her from disconnecting.
- Finally, she was asked to buy $5,000 worth of gift cards from Home Depot.
It was at that moment, waiting at the checkout, that Beth began to realize she was being scammed. In distress, she discreetly signaled to the clerk to call the police.
Growing Concerns About Crypto ATM Fraud
Beth’s harrowing experience highlights the increasing prevalence of cryptocurrency ATM scams in Wisconsin. Reports show that in 2024 alone, over $43 million was lost to similar scams in the state. Disturbingly, instances of scams involving cryptocurrency ATMs surged by 99% within a year, according to data from the FBI.
Michael Gavigan from the Wisconsin Department of Financial Institutions emphasized that this issue represents only a fraction of the actual fraud taking place. He offered crucial advice:
- Beware of phone calls that create a sense of urgency.
- Be cautious of anyone instructing you to keep financial matters secret.
- Always consult with a trusted person if you feel pressured.
Protecting Yourself from Cryptocurrency Scams
Consumers should be vigilant and informed about the potential threats posed by cryptocurrency ATMs. Understanding the warning signs can empower individuals and potentially thwart scammers. Beth’s experience underscores the necessity of reporting such incidents to enable authorities to take action against these malicious schemes.
In the interest of public safety, both investigators and victims are urged to work together to combat these fraudulent practices.
