US crypto ATM fraud losses hit $333M last year

Losses from crypto ATM scams in the United States reached $333 million last year, Cointelegraph reported, citing a report from cybersecurity firm CertiK. The increase is attributed to fraud groups using AI deepfake technology. According to the report, criminal organizations are exploiting the fast transaction speeds and anonymity of crypto ATMs to steal funds from victims. The analysis noted that these ATMs have become an easy tool for theft because cash can be converted to cryptocurrency in under five minutes with limited identity verification.