The FBI says Americans have lost over $388 million last year to scams using cryptocurrency kiosks, also known as crypto ATMs or Bitcoin ATMs.
Cryptocurrency kiosks are physical, standalone electronic terminals (which may or may not require identity verification to prevent money laundering) that resemble bank ATMs and allow users to buy or sell crypto assets using cash or debit cards.
They are often found around gas stations, convenience stores, and other easily accessible locations. Cybercriminals ask potential victims to deposit their cash into crypto kiosks that then transfer the funds to attacker-controlled crypto wallets.
Earlier this month, Minnesota lawmakers banned cryptocurrency kiosks statewide, after similar moves from Indiana in March and Tennessee in April.
In a public service announcement published on Friday, the bureau warned of a nearly 60% surge in reported losses to crypto ATM scams compared with the previous year.
