Tuesday, August 16, 2022

Canadian police exposes bitcoin ATM scams

The Takeaway:

Scammers in Winnepeg put fake posters on bitcoin ATMs that instructed people not to use their own bitcoin wallet to make the purchase. It informed people to use the given QR code to deposit bitcoins. However, police exposed the scam and warned people to be aware of such petty scams.

Some scammers posted instructions on bitcoin ATMs in Winnepeg on how to buy bitcoins via ATM. Police identified these posters as fake, and if the instructions are followed, a user will end up sending bitcoins to scammers wallet.

Instructional posters which are located near or on bitcoin ATMs warn that this ATM is in the development of new software and adviced not to use their own wallet’s QR code or otherwise bitcoins will not be received in the wallet. Police confirmed that these posters were not issued by ATM operators. 

As of now, it is unknown how much bitcoins scammers received through these fake posters. Posters suggested users to scan the QR code that is on the poster to successfully complete the transaction. This ploy seems childish, but new or first-time users could have been susceptible to it. 

Scammers also tried to lure users by saying that due to inconvenience the commission charged is reduced to 3%. Winnipeg Police Service Financial Crime Unit has adviced people to familiarize themselves with the nature of transactions involving bitcoin before making any decision. Such petty scams are mostly targetted at new users. 

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Ramon AnderSon
Ramon AnderSon
Ramon is a senior market research analyst who is very passionate about bitcoin. He has a degree in Applied Science from Assumption College, Worcester.

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