Albuquerque Bans Crypto ATMs Amid $2.2M Scam Losses
The city of Albuquerque has banned cryptocurrency ATMs after an estimated $2.2 million was lost in over 100 scams across New Mexico last year, according to officials.
An ordinance approved by the Albuquerque city council prohibits the installation and use of virtual-currency ATMs within the city limits, aimed at preventing fraud.
Judy Hartmann-Ortiz lost her $32,000 life savings after scammers posed as representatives from Apple and Wells Fargo, convincing her to withdraw cash and deposit it into Bitcoin ATMs. They falsely claimed the money would be protected in another account.
The FBI warns that cryptocurrency schemes often create urgency, with fraudsters directing victims to withdraw cash and deposit it into a crypto ATM. Cryptocurrency transactions can happen quickly and are difficult to reverse, making recovery of stolen funds especially challenging.