San Diego Moves to Warn Citizens About Cryptocurrency Scams
The city of San Diego is taking steps to protect its citizens from cryptocurrency scams. The city council has proposed requiring warning signs on or near cryptocurrency ATMs to prevent victims from depositing their money into these machines. This move comes after a recent surge in cryptocurrency ATM scams, which have targeted older adults.
According to AARP California, victims 60 and over lost roughly two-thirds of the $389 million reported stolen in recent cryptocurrency ATM scams. The city is relying on state data to determine where the ATMs are located so that warning signs can be placed accordingly.
The proposed warning signs will alert users to the risks associated with depositing money into cryptocurrency ATMs, which is often done under false pretenses. The scammers use AI to impersonate legitimate individuals and pressure victims into sending their money, making it difficult for authorities to track down the funds.