Older Texans at Risk for Crypto Scams: Know the Signs

In today's digital era, more and more people are investing in cryptocurrencies like Bitcoin to accumulate their wealth. The problem with providing your personal banking information on the internet is that some people decide that your money would look better if it were their money instead.

Unfortunately, crypto scams are more common among older adults, and Texas offers many opportunities for scammers to defraud innocent individuals.

What Are Crypto Kiosk Scams?

Crypto kiosks, machines resembling ATMs that allow users to buy cryptocurrencies with cash or card, are prime targets for scammers. These kiosks are found throughout Texas at various convenience stores and gas stations, and they have already been banned in several cities across the country.

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Shockingly enough, the FBI received almost 11,000 crypto kiosk scam reports totaling a whopping $246.7 million in stolen funds back in 2024. This is according to AARP who also indicated that 85% of those reports were made from individuals aged 60 or older.

How Crypto Kiosk Scams Actually Work

The way that criminals target vulnerable Texans through these kiosks is by impersonating law enforcement. They then instruct their victim to withdraw large amounts of cash and deposit the funds into a crypto kiosk. The money is then sent straight to the criminal's digital wallet.

Crypto kiosks operate without a lot of the safeguards and restrictions of standard banks and are therefore easier to exploit and move money anonymously between accounts.

Kiosks in Texas are also not required to provide transaction limits or fraud warnings to users, meaning victims are at the mercy of their own discernment as to whether they are legitimately sending and receiving money or not.

No matter your age, stay informed on where your money and personal information is being sent to. It'll save you from stress, confusion, and especially loss of income.