Arizona Attorney General Kris Mayes is warning residents about cryptocurrency ATM scams that have been targeting residents around the state.
Crypto ATM scammers urge victims to move their assets and savings to cryptocurrencies such as bitcoin to “keep it safe.” The money is then transferred to the scammer, leaving victims at a financial loss.
AG spokesperson Richie Taylor said some victims transferred their entire life savings.
“The scammer will tell someone that they're either under investigation or they need to safeguard their money," Taylor said.
"They'll pretend to be a government agency, or they'll pretend to be law enforcement, and they'll try to make the individual fearful enough to go and put physical money."
Taylor said a new law that went into effect last year is helping some victims get their money back. He emphasized that if you were a victim, you have 30 days to submit a report to local law enforcement.
“They put people in a position where they feel vulnerable and they feel like they need to act, and then your regular thinking processes at that point are not operating because you're just operating under the assumption that this person is trying to help you when in fact they're trying to scam you,” Taylor said.
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