Baskin Logic Crypto Academy

Scam library

Crypto ATM (Bitcoin ATM) scams

By Joshua Baskin, founder · Reviewed · Sources

How it works

A caller says they are from your bank, the police, a utility or tech support. There is a problem: a hacked account, a warrant, a past-due bill. They keep you on the phone and send you to a crypto ATM with a QR code to “protect” your money. The QR code is their wallet.

The FTC reported in 2024 that losses at Bitcoin ATMs rose sharply, and that people 60 and over were far more likely to report losing money this way.

Red flags

  • Anyone tells you to withdraw cash and feed it into a crypto ATM.
  • They stay on the phone and coach you.
  • They send a QR code to scan.
  • They say not to tell the bank teller why you need cash.

What to do

Hang up. Call your bank on the number on your card. Tell a family member. If you already paid, contact the ATM operator (number on the machine) and report.

In the US, report to the FBI at ic3.gov and the FTC at ReportFraud.ftc.gov. Elsewhere, report to your national police cyber unit and the platform involved. Keep screenshots, wallet addresses and transaction IDs.

Practise it

Train your eye in the Scam Spotter swipe game and the Wallet Security Escape Room.

Lesson game · earn XP

Check yourself: 3 quick questions

Perfect score = combo bonus. Each question returns in your spaced-repetition review.

Keep learning

Common questions

Are crypto ATMs illegal?

No. Many are legal, licensed businesses. The scam is someone directing you to use one.

Can the ATM company reverse it?

Usually not once sent, but report quickly to the operator and police.

Sources

  1. FTC Data Spotlight: Bitcoin ATMs, a payment portal for scammers (Sept 2024)
  2. FTC: What to know about cryptocurrency and scams
  3. FBI Internet Crime Complaint Center (IC3)

Sources checked October 23, 2026. Rules change; check the official source before acting.

Education only. Not investment, tax or legal advice. We do not pick coins.