What are the most common scams associated with bitcoin ATMs?

21 answers

• Nhung NguyễnNov 02, 2024 · 9 months ago
  One of the most common scams associated with bitcoin ATMs is the use of fake QR codes. Scammers may place stickers with their own QR codes on the machine, which can redirect the funds to their own wallets. Always double-check the QR code before scanning it.
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• Ellison WintherJun 22, 2022 · 3 years ago
  Another common scam is the use of fake bitcoin ATMs. These machines may look like legitimate ones, but they are designed to steal your money. Make sure to use ATMs from reputable providers and check for any signs of tampering.
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• Prasanna ThapaAug 03, 2022 · 3 years ago
  At BYDFi, we take the issue of scams associated with bitcoin ATMs seriously. It's important to be aware of the risks and take necessary precautions. Always use ATMs from trusted sources, verify the QR codes, and report any suspicious activity to the authorities.
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• Paul LokubalAug 03, 2021 · 4 years ago
  When using a bitcoin ATM, it's crucial to be cautious of phishing attempts. Scammers may send you fake emails or text messages pretending to be from the ATM provider, asking for your personal information. Remember, legitimate providers will never ask for your sensitive information.
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• Ottesen KaneAug 23, 2021 · 4 years ago
  One scam to watch out for is the 'double-spend' attack. Scammers may exploit a vulnerability in the ATM software to trick the machine into thinking that the transaction was not completed, allowing them to withdraw cash multiple times. Always wait for the transaction to be confirmed before leaving the ATM.
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• Mike MJun 26, 2021 · 4 years ago
  While scams associated with bitcoin ATMs can be a concern, it's important to note that not all ATMs are involved in fraudulent activities. Many reputable providers have implemented security measures to protect users. Always do your research and choose ATMs from trusted sources.
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• Thompson WhiteheadJul 06, 2024 · a year ago
  When using a bitcoin ATM, it's essential to keep your private keys secure. Scammers may try to obtain your private keys by looking over your shoulder or using hidden cameras. Make sure to shield your screen and be aware of your surroundings.
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• AKHFA SHIDQIE MUTTAQIENSep 05, 2022 · 3 years ago
  It's worth mentioning that scams associated with bitcoin ATMs are not exclusive to any specific exchange or provider. It's a widespread issue in the cryptocurrency industry. Stay vigilant, educate yourself about the common scams, and report any suspicious activity to the relevant authorities.
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• Martha KiguwaJul 13, 2025 · 15 days ago
  One common scam is the 'cash trapping' technique. Scammers may attach a device to the cash dispenser slot that prevents the cash from being dispensed properly. Always check the ATM for any signs of tampering and report any issues to the ATM provider.
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• SineikeMay 19, 2023 · 2 years ago
  Another scam to be aware of is the 'fake support' scam. Scammers may set up fake customer support lines or websites, pretending to be from the ATM provider. They may ask for your personal information or even your private keys. Only contact official support channels for assistance.
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• Peter VeenstraNov 02, 2023 · 2 years ago
  It's important to note that the majority of bitcoin ATMs operate without any issues or scams. However, it's crucial to stay informed and take necessary precautions to protect yourself and your funds. Stay updated on the latest security practices and use ATMs from trusted sources.
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• LovcourMar 30, 2024 · a year ago
  One common scam associated with bitcoin ATMs is the 'man-in-the-middle' attack. Scammers may set up fake Wi-Fi networks near the ATM, intercepting the communication between the machine and your device. Always use a secure and trusted network when conducting transactions.
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• Konstantin KonstantinopolskyFeb 28, 2021 · 4 years ago
  When using a bitcoin ATM, be cautious of 'phishing overlays.' Scammers may place a fake overlay on the machine's screen, capturing your PIN and other sensitive information. Always check for any unusual elements on the screen and report any suspicious activity.
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• Dev Vilas WaghJun 14, 2024 · a year ago
  It's important to be aware of the risks associated with bitcoin ATMs, but it's also essential to remember that many legitimate providers offer secure and reliable services. By following best practices and staying informed, you can minimize the chances of falling victim to scams.
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• Asith MalakaAug 21, 2024 · a year ago
  One scam to watch out for is the 'cash-skimming' technique. Scammers may attach a device to the card reader slot that captures your card information. Always check the card reader for any signs of tampering and cover your PIN when entering it.
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• TebogoMar 20, 2025 · 4 months ago
  Another common scam is the 'fake receipt' scam. Scammers may provide you with a fake receipt that shows a successful transaction, while in reality, no bitcoins were transferred. Always double-check your wallet balance and transaction history after using a bitcoin ATM.
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• Shivani ChalwadeMar 23, 2021 · 4 years ago
  It's important to stay vigilant and educate yourself about the common scams associated with bitcoin ATMs. By being aware of the risks and taking necessary precautions, you can safely use these machines for your cryptocurrency transactions.
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• Kshitiz ChaturvediFeb 08, 2025 · 6 months ago
  One scam to be cautious of is the 'cash-grabbing' technique. Scammers may distract you while you're withdrawing cash from the ATM and quickly grab the money before you can react. Always be aware of your surroundings and avoid any suspicious individuals.
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• SurajJan 01, 2021 · 5 years ago
  When using a bitcoin ATM, it's crucial to verify the machine's legitimacy. Scammers may set up fake ATMs that look identical to the real ones. Always check for any signs of tampering, such as loose parts or unusual behavior.
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• Dipak TambeJan 12, 2021 · 5 years ago
  It's important to note that scams associated with bitcoin ATMs are constantly evolving. Stay updated on the latest security practices and be cautious of any new techniques that scammers may employ.
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• Mihir Ranjan SahuFeb 15, 2024 · a year ago
  One common scam is the 'fake exchange rate' scam. Scammers may manipulate the exchange rate displayed on the ATM screen, causing you to receive fewer bitcoins than expected. Always compare the exchange rate with reputable sources before making a transaction.
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