Bitcoin ATM Scams on the Rise

TBA-member banks and banks across the nation are seeing an alarming increase in customers withdrawing large sums of cash and entering the cash into a local cryptocurrency ATM based on instructions received from a scammer. The Tennessee Bankers Association urges our bankers to have conversations with their customers about these prolific scams.

Please remind your customers:

• Scammers are the only ones who will ask them to withdraw cash and enter it into a local bitcoin ATM – not Microsoft, law enforcement, a banking regulator saying the bank is about to fail, an attorney, a legitimate romantic interest nor a friend with a great investment opportunity.
• No law enforcement agency tells you when you are going to be arrested. They just show up with a warrant in hand.

Scammers may convince their victims to lie to anyone who asks questions. Please keep asking questions and informing consumers: You never know when something you say may make them stop and think about what is going on.

May 31, 2024