This post was originally published on this site.
RENO, Nev. (KOLO) – Nevada Secretary of State Cisco Aguilar is warning the public to look out for scams related to cryptocurrency ATMs. The Secretary of State’s Office says fraudsters are capitalizing on the growing popularity of these machines, enticing victims to transfer money or other crypto assets.
“Cryptocurrency continues to gain popularity for its accessibility, privacy and other advantages, but bad actors are taking advantage of the technology. Crypto transactions are designed to be anonymous and instantaneous, making it hard for the fraudster to be tracked and the losses to be recovered,” said Aguilar. “Scammers will contact people with promises of a great investment with fast returns and limited risk. Remember: If it sounds too good to be true, it probably is.”
The Federal Trade Commission reports consumers lost more than $110 million to scams involving Bitcoin ATMs in 2023.
The Secretary of State’s Office recommends taking a few steps to protect yourself.
First, slow down. Scammers want you to deposit money and send crypto to them without thinking it through.
Check before you invest. Fraudsters may impersonate legitimate investment professionals, and many use phony personal websites to bolster their credibility. Individuals and companies are required to be licensed in the State of Nevada if they conduct securities business in or from the state. Search for broker-dealers and their agents here. and search for investment advisers and their representatives here.
Confirm urgent pleas from family and friends. Be on the lookout for scammers using AI technology to impersonate family or friends. AI-generated tools might be able to access personal information about you online or on social media, so be wary of any unsolicited communication asking you to invest your money. Consider creating a password or phrase for family members to verify their identity in case of an emergency.
You can report securities fraud to the Nevada Secretary of State’s Office.
Copyright 2025 KOLO. All rights reserved.