Protect Yourself from Bitcoin ATM Scams

At Kalsee, our top priority is helping you build financial security, and that includes protecting you from scams. Recently, we’ve seen an uptick in attempts to trick members into making large cash withdrawals (often just below reporting thresholds) and then depositing that cash into Bitcoin ATMs around town.

Unfortunately, once funds are transferred through these machines, there’s very little we, or anyone else, can do to recover them. That’s why awareness is your strongest defense.

How the Scam Works

These scams usually start with a phone call or message from someone pretending to be a representative of a large, trusted company such as Apple, Microsoft, or even a government agency. Here’s what we’ve seen in recent cases:

The “big name” hook: You’re contacted by what seems like a legitimate organization.
Fear and urgency: They tell you you’ve been identified as either a suspect in fraud or a victim of crime.
The “solution”: You’re instructed to withdraw cash and deposit it into a Bitcoin ATM.
Secrecy: They insist you must not tell your financial institution, often warning you that we’re part of the problem.

Why It’s So Effective

Scammers are experts at creating panic. They use urgency and fear to push people into quick action before they have time to think clearly. This “brain fog” can make anyone vulnerable, regardless of age or experience.

Red Flags to Watch For

If you notice any of these, stop immediately and call us before taking action:

You’re asked to make a large cash withdrawal for reasons that don’t make sense.
Someone directs you to deposit money into a Bitcoin ATM.
You’re told you’ve been identified as a suspect or victim and need to act fast.
You’re instructed to keep the transaction secret from your financial institution.

How to Stay Safe

Pause and breathe. Scammers want you to panic. Taking a moment to slow down can break their control.
Verify the source. Call the organization directly using the number on their official website - not the number that contacted you.
Talk to us. We’re here to protect you. If something feels off, tell us. We will never fault you for asking questions.
Share the warning. Tell friends and family about these scams so they can stay protected too.

Bottom Line

If anyone ever pressures you to withdraw cash and deposit it into a Bitcoin ATM or tells you to hide the transaction from Kalsee or another financial institution, it’s a scam.