A new scam targeting older adults in Michigan is making headlines, as Attorney General Dana Nessel warns residents about fraudulent schemes involving Bitcoin ATMs. The scam typically begins with a phone call or message claiming the victim’s financial accounts have been compromised. The scammers, posing as representatives from reputable companies like Apple or Google, or even law enforcement agencies, attempt to pressure victims by claiming urgent action is needed to avoid legal trouble, including threats of arrest or prosecution. Victims are then instructed to withdraw large sums of money from their bank accounts and deposit the cash into a Bitcoin ATM. Once the transaction is made and the QR code or receipt is sent to the scammer, the funds are immediately and permanently lost. Unlike traditional bank transfers or credit card transactions that offer fraud protections and reversals, Bitcoin ATM transactions offer no such safeguards. These machines operate largely without regulation, allowing scammers to move money anonymously and without oversight. Nessel explains that while Bitcoin ATMs may seem like a convenient option, they are frequently used in fraud and money laundering due to the lack of monitoring and high transaction fees. She strongly advises consumers to use only licensed and regulated online exchanges when converting cash to cryptocurrency. Without regulation, there are no meaningful consumer protections, and financial institutions cannot intervene or track the funds once transferred. Nessel urges anyone who receives a suspicious call or message demanding payment through a Bitcoin ATM to report the incident to local authorities or the Michigan Attorney General’s Consumer Protection Team immediately, as timely action may prevent others