The FBI says Americans lost $388 million through cryptocurrency ATMs in 2025 — a 58% jump from the year before — with more than 13,400 complaints filed. These kiosks, which look like ordinary ATMs and are found in gas stations, grocery stores, and malls, have become a favourite tool for fraudsters who trick people into depositing cash under the guise of “protecting” their bank account, paying a government fine, or helping a loved one in trouble.
The scam starts with an urgent phone call or message: a fake IRS agent, a tech-support rep, or even someone posing as a romantic partner tells you your money is at risk and walks you through going to the nearest crypto kiosk and transferring funds to a “safe wallet” — which belongs to the scammer. Over half of all victims were over 50, accounting for $302 million of the total losses. Texas reported nearly $57 million in losses and Florida $32.7 million; at least a dozen other states reported eight-figure losses. Several states — including Tennessee and Indiana — have now banned crypto ATMs entirely, while others are suing kiosk operators.
The most important rule: No legitimate government agency, bank, or tech company will ever ask you to send money through a cryptocurrency ATM. If anyone tells you to do this, hang up immediately.