Scammers are increasingly utilizing QR codes to trick victims into handing them digital assets via Bitcoin ATM transactions.
According to a report by Malwarebytes and the Better Business Bureau (BBB), scammers are now targeting everyday actions such as utility bill payments in order to steal victims’ Bitcoin.
The threat actors supply the victim with a QR code and guide them to a Bitcoin ATM to make the payment in this new scam. Notably, this scam preys on the victim’s fear and compliance with their instructions to make a payment.
In one instance, the criminal purported to be an employee of an electric utility. They threatened the victim that if payment is not made promptly, they may lose their energy or other utility services. The paper notes that QR frauds gained popularity during the coronavirus outbreak.
“The most notable example where this is concerned is of course the pandemic. With the spread of Covid-19, people and organizations naturally wanted to move away from physical contact. Contactless cards were in, and so too were QR codes. This was fertile ground for scammers to move back into a pact they may have long since abandoned,”
Additional types of Bitcoin ATM scams
With the global expansion of Bitcoin ATMs, scammers have developed new methods of stealing victims’ money over the years. For instance, in a number of high-profile scams, fraudsters placed homemade ‘out-of-order’ signs on Bitcoin ATMs, claiming they were undergoing repair. As a result, the scammers instructed victims to scan the QR code attached to the placard and use the ATM to purchase Bitcoins.
However, the code associates the transaction with the crooks’ Bitcoin wallet. The monies are then sent directly to the crooks’ accounts. In order to avoid QR code Bitcoin scams, the research warns that individuals should keep in mind that codes, like other web addresses, can be untrustworthy. One way to tell whether the code is fraudulent is if it takes you to websites that require you to create an account.
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