Statewide Iowa (RI) – Automatic teller machines that are only for cryptocurrency transactions, also known as crypto or bitcoin ATMs, are popping up all over Iowa, and if you’re not careful using them, it could be a very expensive lesson.
James Johnson, superintendent of banking with the Iowa Department of Insurance, says investing in crypto is becoming very popular and there are nearly 400 bitcoin ATMs in the state now, including 25 just in Des Moines.
The Federal Trade Commission says consumers reported losing more than $100 million in crypto scams last year. Johnson says crooks are capitalizing on the accessibility of the ATMs, enticing Iowans into using the machines to transfer cash to digital wallets which the scammers control…