If someone claiming to be your bank tells you to rush over to a Bitcoin ATM to "protect your account," that's not your bank. That's a scammer, and unfortunately, it's working spectacularly well.

The FBI's Internet Crime Complaint Center just released some grim numbers: Bitcoin (BTC) ATM fraud swindled $333 million from victims in 2025. That's more than 10,000 people who fell for these schemes, according to the agency's statement covering January through November.

The playbook is straightforward and alarmingly effective. Scammers impersonate a bank or company, warning the victim about suspicious activity on their account. Then comes the hook: deposit money into a Bitcoin ATM to "secure" those funds or fix the problem. Spoiler alert—the money goes straight into the scammer's wallet, not back to safety.

Bitcoin ATMs have proliferated across America, with over 30,000 machines operating in 2024. That represents roughly 81% of all Bitcoin ATMs globally, which apparently makes the US a target-rich environment for this particular breed of fraud.

The trajectory is alarming. Bitcoin ATMs accounted for $78 million in losses in 2022, jumped to $114 million in 2023, and now we're looking at $333 million in 2025. That's more than a fourfold increase in just three years.

The Federal Trade Commission pointed out in 2024 that cryptocurrency scams tend to inflict heavier financial damage than other fraud types, which tracks with these numbers.

Both the FBI and FTC are urging people to slow down when contacted about account issues. Verify phone numbers independently, call companies directly using numbers you find yourself, and remember: legitimate banks don't ask you to use Bitcoin ATMs for anything. Scammers rely on urgency and panic, so the best defense is simply taking a breath and thinking it through.