Alert Issued on Crypto Kiosks in Scams Targeting Older Adults

The Financial Crimes Enforcement Network (FinCEN) has issued an alert regarding the use of cryptocurrency kiosks in scams targeting older adults. The alert highlights how criminals are exploiting these kiosks to quickly move illicit funds while leaving a minimal paper trail. Victims are often coerced into withdrawing substantial amounts of cash and then depositing it into these kiosks, believing they are settling debts or investing in lucrative opportunities. FinCEN urges financial institutions and law enforcement agencies to remain vigilant and report any suspicious activity involving these kiosks. This effort aims to safeguard older adults from falling prey to these devastating scams. It’s crucial to educate seniors about the risks of these kiosks and how to recognize scam signals to avoid significant financial losses. Individuals should be cautious of anyone requesting them to transfer funds through crypto kiosks and verify any financial requests with trusted sources before taking action.