Bitcoiners are Falling for Scams through Fraudulent QR Codes: Report

QR Code Bitcoin Scams on the Rise

According to a report by Malwarebytes and the Better Business Bureau (BBB), scammers are now targeting victims in their general payment transactions like utility bills payments, job interview requirements to loan payments to steal Bitcoin from victims.

Under this new scam, the malicious actors provide the victim with a QR code and direct them to a Bitcoin ATM to make the desired payment by in the process end up stealing their funds.

For instance, a student was sent a letter about loan consolidation, where the letter contained links to an official .gov site, and also included a barcode and QR code. However, once the victim contacted the scammers by phone, they were tricked into losing over a thousand dollars.

Apparently, the code links the transaction with the Bitcoin wallet owned by the scammers where the funds go directly to the scammers’ accounts.

QR Codes Can be Untrustworthy Too

In one case, the attackers pretended to be from an electricity company where they threatened the victim they will shut off their electricity or other utility services if the payment is not immediately remitted.

In another example, the fraudsters put ‘out-of-order’ signs on Bitcoin ATMs, claiming that they are undergoing maintenance while asking the victims to scan the QR code attached to the sign and buy Bitcoins directly from the ATM.

In avoiding QR code Bitcoin scams, the report notes that QR codes can also be untrustworthy, just like other web addresses or the usual unsolicited telephone call.

One notable means to detect fake code is when it directs to a website that requires one to create an account just to get the victim in front of an ATM machine.