North Carolina Attorney General Josh Stein has issued a warning about bitcoin ATM scams, following numerous complaints. The alert outlines tips to avoid such scams, emphasizing caution with unsolicited requests for cryptocurrency payments, online relationships turning financial, verifying investment advice, and avoiding get-rich-quick schemes. Victims are urged to report scams to local law enforcement and the Consumer Protection Division.

North Carolina Attorney General Warns of Bitcoin ATM Scams

North Carolina Attorney General Josh Stein issued a consumer alert on Friday warning about bitcoin ATM scams, following numerous complaints from individuals defrauded at these kiosks. The alert states:

People may use bitcoin ATMs for legitimate reasons, but scammers may use them to try and steal your hard-earned money. Once someone converts or sends money through cryptocurrency, it is difficult for law enforcement to recover the funds.

To help avoid such scams, the Attorney General’s office provided several tips. First, be cautious of unsolicited messages requesting cryptocurrency payments. Think carefully before sending money via gift cards, wire transfers, or cryptocurrency, as these are common scam tactics. “They are almost always scams,” the alert emphasizes.

Second, beware of online relationships that quickly turn financial. Scammers often form bonds on platforms like Facebook or Linkedin and eventually ask for money. If an online acquaintance or romantic interest asks for money through bitcoin ATMs, it’s likely a scam, the alert notes.

Third, verify the identity and credibility of anyone offering investment advice. Scammers may pose as professionals to deceive newcomers. Confirm their reputation and identity, and if uncertain, contact the Attorney General’s office for guidance. “Make sure you can confirm your expert’s identity,” the alert advised.

Moreover, the Attorney General’s office advised consumers to watch out for get-rich-quick schemes and scare tactics, cautioning:

Bad actors will sometimes lure people by promising them fast profits from their cryptocurrency investment. If the deal seems too good to be true, it probably is.

Additionally, be cautious of recovery scams that promise to retrieve lost funds for a fee but fail to deliver. Lastly, the alert advised consumers to report any bitcoin ATM scams to local law enforcement and the Consumer Protection Division.

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