Attorney General Raúl Labrador has issued a grave warning to Idaho residents regarding an alarming increase in cryptocurrency ATM scams, particularly targeting the senior population. These fraudulent schemes often involve criminals impersonating legitimate tech support representatives or government officials, leading victims to unwittingly deposit significant sums of money into cryptocurrency ATMs.
In a notable incident last week, a vigilant employee at a Stinker Store successfully intervened to prevent two elderly individuals from losing over $30,000 to these scams. By promptly unplugging the ATM and alerting Boise Police, the employee was able to help convince the victims that they were being deceived.
Labrador highlighted the tactics employed by scammers, stating, “Criminals are calling Idaho seniors pretending to be from a legitimate business or government agency, then directing them to deposit thousands of dollars into cryptocurrency machines at gas stations to supposedly fix computer problems or pay fake fines.” He urged potential victims to remain cautious and report any such requests immediately. “If anyone demands you put cash into a cryptocurrency ATM for any reason, it’s more than likely a scam and you should report it immediately. It’s always better to be safe than sorry,” he added.
Cryptocurrency ATMs resemble standard bank ATMs and can typically be found in gas stations and convenience stores. While these machines are designed for legitimate cryptocurrency transactions, they operate using untraceable routing numbers, making it nearly impossible for victims to recover funds once sent. This critical vulnerability is precisely why scammers are exploiting these systems to target unsuspecting individuals.
The financial ramifications of these scams are staggering. Reported cryptocurrency losses in Idaho surged from $19 million in 2023 to over $35 million in 2024, with seniors emerging as the most affected demographic. The FBI has indicated that victims aged 60 and over experience significantly higher financial losses compared to all other age groups combined.
Residents are encouraged to stay informed and vigilant against such scams, particularly as the tactics employed by perpetrators become increasingly sophisticated.
