Scammers target people and lure them with immense profits in a short period with low or no risk. They connect with victims through pop-up ads or emails.

SOFIA, BULGARIA, July 10, 2022 /EINPresswire.com/ -- A new scam involving transactions through cryptocurrency ATMs has lately been catching people's attention. The scammers often pose as a government official or a bank official and contact people through phone calls, emails, or text messages.

The impersonators then convince the victim to withdraw money from their bank or investment account and direct them through a call to the nearest crypto ATM to buy Bitcoins with their fiat money. After that, the scammer sends a QR code to the victim with the scammer's crypto address embedded in it.

A similar case was recorded with a retired nurse from Buffalo, New York. She lost her retirement savings, more than $43,000, to scammers through Bitcoin ATM and wire transfers.

According to the victim, she received a pop-up while working that said the computer was locked. The fake pop-up contained a phone number to call for help.

When the victim made the call, she said the scammer told her that her bank account was hacked and the money needed to be moved ASAP. The victim followed the instructions given by the scammer and wired $13,700 to a bank in East Asia and then deposited $29,430 into the Bitcoin ATM.

Cyber-Forensics.Net, a fund recovery service for online scams, says, "Bitcoin ATMs are mainly for buying cryptocurrencies like Bitcoin or converting crypto into fiat money. There is a zero chance of a legitimate business asking for such transactions." Cyber-Forensics urges us to be cautious when an unknown person asks for Bitcoin ATM transfers.

What Is A Bitcoin ATM, And How Does It Work?

Bitcoin ATMs are similar to the traditional ATMs through which users can engage in financial transactions. The factor differentiating a Bitcoin ATM from other ATMs is that users can buy and sell Bitcoin using fiat money. They are not connected with bank accounts but directly to the cryptocurrency exchange via the internet.

To use a Bitcoin ATM, one must verify their identity to the machine. Users have to put their mobile numbers into the ATM. Then they will receive a verification code by text to be entered into the machine. After that, the user can proceed with the transaction.

How Do Scammers Use Bitcoin ATMs To Steal Bitcoin?

The scammers usually connect with their targeted victims through phone calls by posing as government or well-known organization officials. They lure the victim with big prizes or trigger sudden emergencies compelling them to make quick decisions.

Then the scammer convinces the victim to pay an amount through crypto ATMs. They direct the victim to the nearest bitcoin ATM and teach the victim to convert their fiat money into bitcoin; once done, the scammer sends a QR code to the victim that directs the bitcoin to the scammer's crypto wallet.

How To Stay Protected From Such Scammers?

Timothy Benson, a bitcoin recovery expert at Cyber-Forensics, says, "Nobody from the government or any other organization asks for cryptocurrency transactions. If an individual is contacted by someone claiming to be a government official and requests to pay in Bitcoin, reporting the incident right away is a vital step.

◉ It can be a scam if someone gets a similar call asking for money.
◉ Never make quick decisions just because they are putting pressure. Take time and consult the situation with someone close.
Do not trust anyone online.
◉ Know the transactions and ask as many questions as possible to verify the person.

What To Do If Got Scammed?

Suppose an individual gets scammed by an online scammer. In that case, they can report it to the nearest police station with all the valid documents related to the scam. They can also report it to,

◉ Federal Trade Commission(FTC)
◉ Internet Crime Complaint Center(IC3)

If someone is looking to recover their lost funds in an online scam, they can even seek help from fund recovery services.

How Can Fund Recovery Services Help Recover My Bitcoin?

Fund recovery service companies like Cyber-Forensics.Net is a fully equipped company that provides top-notch services and gets back the victims' lost money. Cyber-Forensics has handled several online fraud and scam cases and has helped many victims.

Fund recovery reviews the case in detail and performs an effective investigation with the help of professionals and advanced technology that helps trace the scammer no matter where they are.

A legitimate fund recovery company like Cyber-Forensics.Net keeps the investigation clean and transparent to the victim so they can see the process of getting their funds back. But some fraudsters pretend to run fake fund recovery services and execute a crypto solutions scam. Cyber-Forensics urges every individual to be cautious while choosing the right recovery services.

About Cyber-Forensics.Net:
Cyber-Forensics.Net is committed to providing the most accurate tracing service for victims of online scams. Cyber-Forensics.Net empowers and simplifies the process of tracking down the cyber-criminals and assists in recovering the funds and creating an atmosphere for a negotiated settlement. For more information, please visit https://cyber-forensics.net/.

Peter Thompson
Cyber-Forensics.net
+1 917-920-6613
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