Are you looking for a way to buy or sell cryptocurrency? If so, then you might want to take advantage of the convenience and ease of using an ATM.
However, these machines can be tricky as they are often targeted by hackers and thieves who want to steal your money.
This article is going to cover 10 ways that companies can prevent fraud when people use their Bitcoin ATMs near me.
1. Review Your Bank Accounts on a Routine Basis
Review your bank accounts on a regular basis to ensure there are no unauthorized or suspicious charges. If you notice any, then report it immediately to an expert so that the company can fix the problem and prevent future instances of fraud.
It is also important to regularly review all of your credit card transactions for anything suspect as well. This way, if something does pop up, you will be able to resolve it before too much damage has been done.
2. Rely on ATM Account Alerts
One of the best ways to prevent fraud is for companies to offer Bitcoin ATM account alerts. These will notify you whenever funds are transferred out from your wallet (or cryptocurrency address).
They also work if someone tries to transfer money into your location, as it can help stop external hackers and thieves who may try an attempt at stealing or accessing your virtual currency wallets remotely.
These types of alerts should be free, although some companies do charge a small fee (around $0-$20 per year) so keep that in mind when choosing one.
If not, then you could always use Google Alerts which are completely free but might not be as specific or timely with their notifications.
3. Inspect Card Skimmers at ATMs
Card skimmers are devices that are installed over the actual card readers on ATM machines. These will either steal your credit or debit card information, or they could be used to get access to sensitive files stored within the machine itself (which is more likely with Bitcoin ATMs).
This is why you should always inspect an ATM before using it just in case there have been any unauthorized changes made to the device. For example, check for missing screws and see if anything looks off about its appearance compared to other units nearby.
If something does look out of place, then do not use this particular machine as someone may have hacked into it so they can swipe your data later down the line when you least expect it.
4. Always Be Aware of Your Surroundings
When using a cryptocurrency ATM, you should always remain aware of your surroundings. This is the best way to prevent thieves from taking advantage of you while making transactions or withdrawing money because they can get very crafty.
For example, someone might plant themselves in front of the machine right before it’s about to dispense cash so that other people cannot use them until he/she has finished their transaction(s).
Then when they leave, another person could try stealing all of this deposited cash for themselves by breaking into the machine to access its interior contents or even smashing open one side and grabbing what’s inside (which often happens with Bitcoin ATMs).
5. Cover Your PIN When Using an ATM
When using an ATM, you should always cover your PIN so that other people cannot see it.
This is very important because many thieves use skimming devices that can scan and record this sensitive data for future reference if they want to attempt stealing money from your account at a later date.
Ideally, the best way to protect yourself when withdrawing cash or making transactions on cryptocurrency ATMs is by covering both your hands with bags or gloves (so no one can see what numbers you’re entering).
However, some Bitcoin ATMs do not allow users to withdraw their coins without completing certain security checks first (i.e., requiring two-factor authentication) but these are less common nowadays as criminals have found ways around them already.
For those that do have this option, you should always check to see if they are enabled before getting your cash out of the machine.
Another thing that thieves will sometimes try is physically watching over someone’s shoulder while he/she enters their PIN so that they can gain access later on when it’s empty.
To protect against this type of situation, make sure not to look at the touchscreen display for very long because most ATMs will take photos of users as part of their security measures anyway (so that potential thieves cannot use fake cards).
This also applies whenever making cryptocurrency transactions too since there are some hidden cameras installed near or around ATM screens nowadays which hackers could be using to monitor what numbers you’re entering in order to steal from your wallet.
6. Use Familiar ATMs
It’s always better to use cryptocurrency ATMs that you are familiar with. Before using an ATM, check its location (i.e., as close as possible to your home or work) and make sure it has a good review history online before making any transactions there in the future.
Not only will this help prevent fraud but it’ll also give you peace of mind knowing that the machine is legitimate and not some scam that thieves might be running (which does happen from time to time).
Even if they don’t have security cameras around these machines like banks do, at least users can observe what other people are doing when they’re withdrawing cash so no one can attempt stealing their money without being spotted first.
This also means that you should never use cryptocurrency ATMs that are located in sketchy areas (e.g., dark alleys) or near train/bus stations were many strangers tend to gather at the same time, especially late into the night when most convenience stores and places like this close for business or turn off their lights.
Finally, if possible always try using Bitcoin ATMs that require biometric verification before completing any transactions because these provide an added layer of security by requiring users to scan both their fingerprints and eyeballs with built-in scanners.
If there isn’t a machine installed already nearby then feel free to ask businesses in your local community about installing one yourself.
7. Browse for Hidden Cameras
If you’re at all concerned about the safety of using cryptocurrency ATMs in your local area then it might be worth taking a quick glance around beforehand to see if there are any hidden cameras installed near or on top of these machines.
This is easy enough for anyone to do because most ATM screens will display images that were taken by their security systems anyway (as said before, this acts as an added layer of protection against hackers).
You can also ask businesses nearby whether they have seen suspicious activity involving strangers trying to use their ATMs after-hours when no one else was around too, so it’s best not to keep this information from them either.
While many thieves will attempt stealing cash through traditional means such as pickpocketing.
8. Don’t Keep A Lot of Cash in Your Accounts
If possible, avoid keeping large amounts of money in your cryptocurrency wallets. Even if you have multi-sig verification on them (as mentioned earlier) it doesn’t mean hackers won’t be able to get access to your funds with relative ease afterward.
This also applies whether withdrawing cash from an ATM or making digital transfers too so don’t keep more than $100 worth of bitcoin/ethereum at a time unless absolutely necessary because the less there is available for thieves to steal, the better off you’ll be as a result.
You should also try not to use cryptocurrency ATMs late at night whenever possible too since criminals tend to prey upon those who are tired and vulnerable from working all day long so they can take advantage of this situation much easier.
In case you do need to withdraw a large sum of cash from an ATM at night then it’s best not to stand out in the open for too long either because thieves can easily spot their targets from across the street and plan accordingly if they see any signs that someone might be carrying lots of money on them.
9. Watch the People Using the ATM Nearby
While this might not sound like the most appealing option, it does help you stay safe and alert whenever using cryptocurrency ATMs in public.
As said before, even if they don’t have cameras installed nearby these machines (which is rare) users can still keep an eye on other people as to what they’re doing when withdrawing money because thieves rarely think about how much their victims are able to observe them from a distance too.
10. Always Report a Stolen Credit or Debit Card
If unfortunately your credit or debit card gets compromised while you’re using a cryptocurrency ATM machine then it’s important to report this information as soon as possible
This is because most companies will flag the account of anyone who has reported suspicious activity associated with their cards.
This usually prevents thieves from being able to easily withdraw more money on top of what they have already stolen too so always check your monthly statements and try not to use any ATMs which seem out-of-place if these are ever near where you live/work at all times instead.
Ready to Use a Cryptocurrency ATM Near Me?
As you can see, there are several ways to deter fraudulent activity when using a cryptocurrency ATM near me. To learn more about this subject, continue reading our blog for more helpful articles.
