Attorney General Kris Mayes and and the Better Business Bureau (BBB) published their fourth PSA as part of their educational campaign to warn Arizonans about how to spot and avoid common scams. This video focuses on scammers that try to take advantage of consumers with cryptocurrency. Cryptocurrency is a digital asset that uses encrypted networks to execute, verify, and record transactions without the involvement of a centralized authority, like a bank or government.  Common types of crypto include Bitcoin, Ethereum, Binance and Ripple.  
Scammers like to request crypto because it lacks many of the same protections that other payment forms provide and is hard to trace once the money is sent. Because there is so much money in this system, and it is relatively anonymous, there is widespread fraud and victims are losing millions. Criminals employ a variety of scams involving cryptocurrency. Investment scams; Business, government or job impersonator scams; and blackmail scams are all being used to con consumers into sending large amount of money via cryptocurrency. Romance scammers have begun convincing their victims to invest in cryptocurrency via sophisticated fake apps, disappearing with the money when the victim attempts to withdraw proceeds. Ransomware scams also demand cryptocurrency as payment in many cases.  

With the advent of Bitcoin ATMs, victims can now go to a convenient place near them to easily and quickly send Bitcoin. The Attorney General’s Office has partnered with local law enforcement agencies in Arizona to stop residents from losing millions of dollars at cryptocurrency machines in retail stores. By posting "STOP" signs on the crypto kiosks or ATMs, we can warn anyone who is going to use the machine or ATM in response to a scam contact to cease their purchase of Bitcoin or other types of cryptocurrency if they have been instructed to purchase it by someone they do not know and have never met in person. Attorney General Mayes also supported new legislation that increased protections against bitcoin ATM scams in Arizona.