TDCI’s Securities Division published a March 18, 2026 investor-education note on Bitcoin ATM scams after citing Federal Trade Commission loss reports. The post defines Crypto ATMs, explains how scammers route cash into electronic wallets, and lists concrete steps Tennesseans can take before depositing money.
On losses, TDCI states that Data from the Federal Trade Commission shows consumers reporting over $110 million in losses to scams involving Bitcoin ATM machines in 2023, a tenfold increase since 2020. The same article defines the machines: A Bitcoin ATM (also known by a number of other names, including Crypto ATM) is an electronic kiosk designed to facilitate buying cryptocurrencies using any financial transaction card, including a cash or a debit card.
TDCI describes the scam path in plain terms. The scams start through chats, social media, emails, texts, pop-ups and phone calls from strangers. After a deposit, consumers are steered to type a scammer’s wallet address or scan a QR code that points there, after which recovery becomes difficult.
Protection tips from the same post include slowing down, talking with someone you trust, and never withdrawing cash in response to an unexpected call or message. TDCI also writes: Don’t believe anyone who says you need to use a Bitcoin ATM to protect your money, to fix a problem, or to get in a great investment.
East Tennessee readers who see kiosks in convenience stores or malls can treat unexpected urgency as a red flag. Separately, keep personal insurance declarations current and know how to reach TDCI Consumer Insurance Services if a separate insurance claim dispute arises.
Seasons change. So should your coverage. For a free personal insurance policy review, call 865-263-1400 or visit asigtn.com/get-a-quote/.
How much did FTC-reported Bitcoin ATM scam losses reach in 2023?
TDCI cites Federal Trade Commission data showing consumers reported over $110 million in losses to scams involving Bitcoin ATM machines in 2023, a tenfold increase since 2020.
What is a Bitcoin ATM, according to TDCI?
TDCI describes a Bitcoin ATM (or Crypto ATM) as an electronic kiosk designed to facilitate buying cryptocurrencies using a financial transaction card, including cash or a debit card, often located in gas stations, convenience stores, malls, and other high-traffic areas.
How do Bitcoin ATM scams typically start?
TDCI says the scams start through chats, social media, emails, texts, pop-ups, and phone calls from strangers who create an urgent justification for consumers to put cash into a Bitcoin ATM.
What does TDCI say never to do after an unexpected call?
TDCI advises never withdrawing cash in response to an unexpected call or message, and never believing anyone who says you need a Bitcoin ATM to protect money, fix a problem, or join a great investment.
Why does TDCI warn that many Bitcoin ATMs lack consumer protections?
TDCI notes most Bitcoin ATMs do not limit daily transaction amounts, collect know-your-customer information for recipients, pause transactions, register with the government, or offer fraud reimbursement policies.
Is this the same as buying a Tennessee insurance policy?
No. This article restates TDCI Securities investor-protection education. Insurance products are separate; speak with a licensed professional about personal coverage needs.
Does this article recommend using or avoiding Bitcoin ATMs?
No. It summarizes TDCI’s public scam-awareness tips so Tennesseans can recognize pressure tactics. It is informational only.
How can All Seasons help after reading this?
Call 865-263-1400 or visit asigtn.com/get-a-quote/ for a free personal insurance policy review. Bring your current declarations pages.
Source links
- TDCI Securities: Proactive Investor Protection Tips for Bitcoin ATMs
- Get a Quote — All Seasons Insurance Group
More from All Seasons Insurance Group
- How Tennesseans file an insurance complaint with TDCI’s Consumer Insurance Services.
- TDCI explains Actual Cash Value versus Replacement Cost for Tennessee homeowners.
- How Tennesseans look up insurance rate filings on SERFF Filing Access and TDCI’s monthly tables.
- Get a Quote — All Seasons Insurance Group
