Financial scams can come in many forms: a technology company supposedly warning you that your online account has been hijacked, or someone impersonating a bank executive claims there have been unauthorized charges on your credit card.

The Federal Trade Commission (FTC) is warning the public to be aware of a new Bitcoin “ATM” scam which is targeting people aged 60 and over. This type of crime often involves a fraudster claiming that your computer has been hacked, or that your bank accounts have been linked to drug smuggling or money laundering. They tell you they can help, but only if you follow their instructions.

At that point, the FTC explains, the scammer instructs victims to withdraw cash from their bank and directs you to a nearby BTM, where they text you a QR code to scan at the machine. That sends the money directly to the thieves’ crypto wallet.

“These financial crimes are especially heinous, because they can steal someone’s life savings in a matter of seconds,” said President Roach. “Remember, representatives of legitimate businesses and government agencies will never say that you need to use a Bitcoin ATM to protect your money or fix a problem — anyone who does that is a scammer.”