West Fargo city officials warn residents of Bitcoin ATM scams

(West Fargo, ND) — The City of West Fargo is warning residents against cryptocurrency scams.

City officials say they do not utilize Bitcoin or digital wallets. Also, the city disputes what they call “Bitcoin Federal Safety Lockers”, which do not exist according to the officials. This is due to an alleged uptick in scammers urging residents to deposit life savings into Bitcoin ATMs. 

“Scammers succeed because they’re good at what they do — which is lying,” says Jennifer Leach with the Division of Consumer and Business Education in the Federal Trad Commission. “So, if someone calls and says you have to act now because your money is at risk, you might listen if they’re convincing. They’ll scare you into keeping it a secret — even from your closest loved ones. Once they have you alarmed and alone, they’ll give you the solution to the problem they just created: ‘protect your money by moving it.’ And that’s when they’ll send you to a Bitcoin ATM to ‘secure’ your money. ‘Problem’ solved? Not even close.

You can learn more about Bitcoin ATM scams by clicking here

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