A New Twist on an Old Scam

Financial scams continue to evolve, and one of the latest and most dangerous trends involves fraudsters posing as legitimate investors, government agents or tech support representatives working to convince victims to withdraw cash and deposit it into Bitcoin ATMs.

This scam is designed to move your money quickly and anonymously into the hands of criminals, leaving you with little to no recourse once the transaction is completed.

How the Scam Works

1. Initial Contact: Scammers often initiate contact through phone calls, emails, social media or messaging apps. They may pose as:

  • Investment advisors promising high returns
  • Your own financial institution claiming your accounts are not safe
  • Government officials claiming you owe money
  • Tech support warning you of a security breach
  • A romantic interest met online needing financial help
  • An old friend trying to reconnect

2. Urgency & Pressure: Victims are pressured into believing they must act quickly. Scammers use fear (e.g., threats of arrest or fines) or excitement (e.g., promises of doubling your money) to lower your defenses.

3. Instructions to Withdraw Cash: Once trust is gained, you're instructed to withdraw large sums of cash from your bank or retirement account.

4. Bitcoin ATM Deposit: The scammer provides a QR code or Bitcoin wallet address and directs you to a nearby Bitcoin ATM to deposit the cash. They may even stay on the phone with you during the process to ensure it’s done correctly.

5. Funds Are Gone: Once the transaction is completed, the Bitcoin is instantly transferred to the scammer’s digital wallet. These transactions are nearly impossible to trace or reverse.

Red Flags to Watch For

  • You're asked to withdraw cash and deposit it into a Bitcoin ATM for any reason.
  • You're told not to speak with bank staff or law enforcement.
  • You’re offered guaranteed investment returns or pressured into a “limited time” opportunity.
  • You're contacted unexpectedly by someone claiming to be from a government agency or financial institution.
  • The person insists on being kept on the phone during your ATM visit.

Protect Yourself

  • Never send money or cryptocurrency to someone you haven’t met in person.
  • Government agencies will never ask for payment via Bitcoin or cryptocurrency.
  • Talk to a trusted friend, family member or financial advisor, in person, before making large transactions.
  • Hang up if you’re being pressured or threatened.
  • Report the incident to your local police and the appropriate national fraud reporting agency such as the FTC.

What To Do If You’ve Been Scammed

If you suspect you’ve been a victim:

  • Stop all communication with the scammer immediately.
  • Report the incident to law enforcement and financial fraud authorities.
  • Contact your bank to discuss any suspicious transactions.
  • If you used a Bitcoin ATM, try to contact the ATM operator immediately, although recovery is rare.

Final Word

Bitcoin and other cryptocurrencies are legitimate technologies, but scammers exploit their anonymity and speed. Always treat unsolicited investment opportunities and high-pressure financial requests with skepticism — especially when they involve cryptocurrency. If you have questions or concerns about a situation or concern you can always contact the Financial Crimes Department at TTCU Federal Credit Union by calling (918) 749-8828 or toll-free at (800) 234-8828. Additionally, members are encouraged to speak to credit union staff at any of our locations during normal business hours. Reporting financial crimes or scams at ReportFraud.ftc.gov is also an option for individuals.

Stay informed. Stay skeptical. Stay safe.