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There’s a remarkable new report from the CNN Investigates team about crypto ATMs, devices that may be at your corner store and which allow people to exchange money for cryptocurrency such as Bitcoin.
See the full investigation, with videos and visualizations.
I was struck by the detail that CNN documented at least a dozen potential fraud cases tied to a single ATM. That’s an indication not just that one ATM has a problem, but that these cases of fraud are rampant in the US.
Shame at being duped may keep many people from reporting that they’ve fallen victim to fraud, and when they do, authorities are frequently at a loss to help. But now, by using crypto ATMS — there’s probably one near your house — scammers have changed the way things work. And companies that operate the machines are profiting from it.
The companies behind these crypto ATMs strongly disputed allegations that they profit from scams and listed various efforts to protect consumers. There’s more about all of that in the story.
I talked to three of the CNN reporters who worked on the investigation, Yahya Abou-Ghazala, Curt Devine, and Ma
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