Bitcoin Scam Hits Two New Jersey ATM’s

New Jersey ATM’s, Warnings are being sent out across the state of New Jersey after reports surfaced of scams involving New Jersey Bitcoin ATMs. Scammers are mixing older and newer – more clever methods to prey on unknowing people and rob them of money.

In addition to the new phone call technique which is described below, scammers are creating duplicate websites that are made to look legitimate. Once the unsuspecting person visits the duplicate website, the scammers steal any and all sensitive information that is entered. Scammers are also impersonating IRS agents, utility companies, and the Social Security Administration.

New Scamming Methods Involving New Jersey Bitcoin ATMs

Today’s phone call scams are evolving. Scammers now actually have the social security number and other sensitive information to work with, which was the case involving a New Jersey woman last month.

When the scammer called, he told the woman he had her social security number. Then, the scammer claimed that since the woman’s social security number was compromised, there is a risk her funds could be stolen as well.

In order for her funds to be safe, the scammer stated she needed to withdraw all her funds from a bank and place the funds in a machine. That machine was one of our own (BelcoBTM) Bitcoin ATMs.

Many people don’t realize it is a Bitcoin ATM. Instead, patrons think they are actually depositing their funds into a Social Security Office deposit box or some type of money service. The New Jersey woman described above deposited $3,000.00 into two different ATMs, one in Hoboken, the other in Jersey City.

These phone call scams are not uncommon. According to a 2017 finding, 1 in 10 adults’ lost money through a phone scam. The average person lost $430 dollars — which simply isn’t pocket change for the majority of people. Even worse, thieves are getting smarter and using new methods of technology to fool the next generation of innocent, unsuspecting people.

Everyone Should Beware, Especially with Newer Technology

Due to the heightened frequency of phone call scams, everyone should be hesitant before giving any personal information over the phone, and heed caution before cooperating with a person that has or claims to have their information.

Be careful when dealing with Bitcoin or any type of cryptocurrency because of how it differs from a credit card or checking account.

When you use a BelcoBTM ATM (or purchase Bitcoin/cryptocurrency anywhere for that matter), you are not allowed to return it. You cannot cancel the transaction, you cannot reverse the transaction, and you cannot refund the transaction. Additionally, there isn’t a chargeback feature that credit and debit cards have. If you put money into a Bitcoin ATM, it should be thought of more like a vending machine. It is a one-way, irreversible transaction.

When Using Our ATMs

The New Jersey ATM’s, You are using it at your own risk. And you agree to the terms and conditions stated on the machine. As it can be found in our terms and conditions statement, “You acknowledge that Bitcoin is not legal tender and not backed by the USA’s government, and that transactions are irreversible, and accept all risk of loss, including due to non-acceptance, loss, theft, fraud, accident, cyber-attack, or bitcoin scams (such as a: Craigslist scam, IRS scam, Social Security Scam, Utilities scam, Used cars/eBay motors scam, Check cashing scam, Investment scam, and Others).”

We want all of the cryptocurrency community to be safe. Please be aware that scammers are developing new ways to target unsuspecting, ordinary people every single day. It can happen to anyone if they are not careful. Please be extra cautious.

Extra Measures of Precaution

For your safety, our New Jersey ATM’s, have Scam Alert Notice that is visible on the outside of our machines. We are doing this as an extra measure of precaution for your safety to prevent and fight scams of this nature. Furthermore, anyone that has information about any scam must report it to the nearest police station immediately.