Police in Waterford warn of increasing cryptocurrency ATM scams, urge public to be cautious and install large warning signs on ATMs

A recent initiative in Waterford Township has seen police installing large warning signs next to Bitcoin ATM machines at nearly 20 local establishments to alert residents about potential scams. The move comes in response to a rise in scammers using Bitcoin ATMs, which make tracing transactions difficult for law enforcement.

One local business owner, Tony Attisha of Crescent Lake Mobil, noticed a suspicious transaction involving an older lady bringing in stacks of cash to deposit into a Bitcoin ATM. He became wary and suspected that a scam might be taking place. Despite attempts to warn the woman and dissuade her from completing the transaction, she refused to listen. Attisha then contacted the Waterford police, and Detective Austin Moll swiftly intervened, preventing the woman from losing $16,000.

Detective Moll stated that such cases occur at least once a week in Waterford, with scammers exploiting vulnerable victims, often the elderly, by convincing them to withdraw money from their banks. These scams typically involve manipulating victims into believing that their bank personnel are complicit in the scam, instructing them not to disclose any information to others. The amounts lost in these scams can vary from $500 to $500,000, with most victims unable to recover their funds due to the opacity of cryptocurrency transactions.

According to the Federal Trade Commission, scams involving Bitcoin ATMs have surged tenfold, resulting in $114 million being stolen in 2023, with individuals aged 60 and older being three times more likely to fall victim. Detective Moll decided to proactively address this issue by erecting prominent warning signs in front of every Bitcoin ATM in Waterford. The local business owners have shown full support for this initiative in the hope of curtailing these fraudulent activities.

Attisha emphasized the importance of vigilance, highlighting that anyone, including family members like his mother, could be susceptible to these scams. He stressed the significance of training staff to recognize warning signs and prevent such incidents from recurring. To safeguard against falling victim to scams, it is advisable never to click on suspicious links, respond to unsolicited calls or messages, withdraw money hastily in response to unexpected demands, or make payments using only Bitcoin or gift cards.

The community is encouraged to exercise caution and be wary of potential scams, especially those involving cryptocurrency transactions. By being alert and informed, individuals can protect themselves and their hard-earned money from falling into the hands of scammers seeking to exploit unsuspecting victims.