FinCEN Warns of Rising Crypto ATM Scams Targeting Seniors, Cartels

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The US Treasury’s financial crime unit is sounding the alarm on a surge in fraud involving cryptocurrency ATMs—including drug money laundering and elder scams.

FinCEN’s Monday alert calls on banks and crypto businesses to flag suspicious activity tied to these kiosks.

“Criminals are exploiting crypto ATMs to steal from victims,” said FinCEN Director Andrea Gacki, noting that groups like the CJNG cartel are increasingly using them.

The bureau also warned that lax operator compliance may enable anonymous illicit transactions.