Phoenix-cryptocurrency kiosks appear in service stations, convenience stores and smoke stores across Arizona.
These automatic crypto ticket distributors resemble automatic dispensers of regular tickets but are used to convert money to cryptocurrency.
The crooks use them to steal millions of dollars to the elderly, which prompted legislators to adopt new legislation to help stop fraud.
“I have never seen it as bad as it is currently,” said Dana Marie-Kennedy, state director of AARP Arizona.
The application of the Arizona law can barely follow the growing problem. “We see elderly people who have been attracted to the Atm cryptocurrency, automatic window machines and crooks asked the crooks to put $ 50,000 in the (ATM Bitcoin machine),” said Arizona, Kris Mayes.
Once the money is sent, it is almost impossible to recover. “It’s very difficult to trace, and basically,” said Mayes.
Criminals use automatic crypto ticket distributors to attract victims to send hundreds of millions of dollars thanks to investment plans, romantic scams and non-payment scams.
The new law targets ATM Crypto fraud
In May, Arizona legislators adopted a bill forcing requirements for automatic distributors of cryptocurrency tickets or kiosks.
The law is applied by Attorney General Mayes While the Department of Insurance and Financial Institutions of Arizona Supervises licenses, regulations and compliance.
According to Aarp Arizona, the losses of Fraud at the Crypto ATM have almost 10 times from 2020 to 2023, the victims losing an average of $ 10,000. The organization now uses cards to help follow these scams.
“You can really focus on where it happens and it allows us to make it known that this happens quickly in your community,” said Marie-Kennedy.
The Arizona cryptocurrency prevention law is expected to come into force on September 26.
Key provisions of the new law
Under the law, several new protections will be in place:
- Kiosk and automatic window operators must issue complete reimbursements, including costs, to new customers who have been fraudulently induced to initiate an ATM Cryptographic Transaction
- Warning messages must be displayed on the screen and customers must recognize them before continuing transactions
- The daily transaction limits are now set at $ 2,000 per day for new customers and $ 10,500 for existing customers
However, the Attorney General Mayes admits that she is not fully satisfied with the regulations.
“Honestly, I would like to see more strict controls on the amount of money that anyone can send by cryptocurrency, and above all (Atm Machines of cryptocurrency),” said Mayes.
The police and defenders like Aarp Arizona, say that the new law is a step in the right direction. Mayes says that she will continue to put pressure for the legislation to prevent crooks from stealing older Arizonans.
“I will tell you that when you speak to a sheriff or a police chief in the state of Arizona, they see so much that happens, and it is overwhelming,” said Mayes.
I sat down with the unit of financial crimes with the Scottsdale police, an area that saw scams with Cryptographic ATM soar. They share what is done to help the problem and the technology used to follow the stolen cryptocurrency.
* This story was reported on the antenna by a journalist and was converted to this platform with the help of the AI. Our editorial team checks all reports on all equity and precision platforms. *
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