Bitcoin ATMs are a fast-growing technology presence in the United States to mitigate the pervasive threat of cybercrime
The initiative that deals with Bitcoin functions almost the same as a normal ATM machine which requires a PIN and is subject to a withdrawal charge.
However, the technology will necessarily attract new modus operandi of hackers to reap the high value of cryptocurrency.
The ATM allows users to buy and sell Bitcoin without the need for deep identity specifications and this can pave the way for new crimes to be created.
Clinical Professor of Cyber Security at Michigan Technological University, Timothy Bates said that Bitcoin ATMs face multiple aspects of physical threats where criminals may try to steal the machine's hardware and cyber threats where hackers may exploit software vulnerabilities.
These risks make it a problem that Bitcoin ATMs have to solve because they are more challenging than regular cash ATMs.
Physical security measures and advanced cyber security protocols are essential to mitigate this risk.
Additionally, the government continues to work to curb the problem and the Federal Trade Commission reported this week that fraud incidents have increased by 1,000% since 2020.
It is also possible that the traditional problems of theft and hacking of cash ATMs can occur with the new Bitcoin technology.
To avoid fraud, users should be wary of any requests to pay through a Bitcoin ATM.