The United States Commodity Futures Trading Commission (CFTC) issued an emergency alert to the public to be immediately vigilant when it received instructions to transfer funds through encrypted ATM. The regulator stated that any person claiming to be a member of a government department, a bank or a large enterprise and requiring the use of a public encryption terminal should be considered highly suspicious.

Losses increased by 58 per cent a year.

This warning is related to the continuing fraud in the United States this summer. CFTC, citing FBI data, claims that the losses caused by the United States public by the associated frauds have increased by 58 per cent over the past year, totalling over $388 million.

The regulators emphasized that fraudsters often impersonate the United States IRS, bank employees, or technical support staff of large technology companies to induce victims to withdraw cash and go to a nearby encrypted ATM operation by creating a sense of urgency and panic.

The fraud process points to an anonymous wallet.

Such hoaxes are usually collected in 2-dimensional code. Once the victim deposits the money into the machine, the money is immediately converted into encrypted currency and transferred to the wallet address controlled by the fraudster. Recovering funds is significantly more difficult than traditional bank transfers because of the difficulty of withdrawing them after completion of the chain.

According to CFTC, regular government agencies, banks or large companies would not require users to make payments by encrypting ATM or gift cards. Whenever such means of payment appear in a conversation, it should be seen as a clear signal of fraud.

The American market continues to contract.

  • In May, Bitcoin Depot filed for bankruptcy and closed about 9,700 finals End
  • In June, Delaware and New Jersey passed strict regulations for encryption of ATM
  • In July, the global number of encrypted ATMs decreased by 10,836, of which the United States decreased by 10,380
  • In August, Minnesota required operators to remove public space terminals by the end of the year

From regulatory statements to local legislation, the attitude of the United States towards encryption ATM is clearly moving towards stricter risk control. As cases of fraud continue to increase, the pressure for compliance of such terminals in the context of payment and cash exchange scenes also increases.