U.S. financial organizations have been urged by the Treasury Department's Financial Crimes Enforcement Network regarding the growing usage of cryptocurrency ATMs in scams and money laundering, according to The Record, a news site by cybersecurity firm Recorded Future.
More cybercriminals have been looking to exploit highly prevalent cryptocurrency ATMs non-adherent to anti-money laundering rules to facilitate tech and customer support scams primarily aimed at older adults, said FinCEN in a new advisory. FinCEN called on ATM operators to be vigilant of instances involving multiple payments below the suspicious activity reporting threshold across various kiosks, while advising other financial entities to be mindful of individuals who are either withdrawing a significant amount of cash with the intent to be deposited to a crypto ATM or making significant transactions at kiosks. Such an advisory from FinCEN comes months after legislation that would mandate the registration and disclosure of crypto ATM locations to the Treasury Department was unveiled by Sen. Dick Durbin, D-Ill.
More cybercriminals have been looking to exploit highly prevalent cryptocurrency ATMs non-adherent to anti-money laundering rules to facilitate tech and customer support scams primarily aimed at older adults, said FinCEN in a new advisory. FinCEN called on ATM operators to be vigilant of instances involving multiple payments below the suspicious activity reporting threshold across various kiosks, while advising other financial entities to be mindful of individuals who are either withdrawing a significant amount of cash with the intent to be deposited to a crypto ATM or making significant transactions at kiosks. Such an advisory from FinCEN comes months after legislation that would mandate the registration and disclosure of crypto ATM locations to the Treasury Department was unveiled by Sen. Dick Durbin, D-Ill.
