Led by Durbin and Warren, lawmakers demand measures from ATM operators to protect elderly from rising scams.
In recent months, U.S. lawmakers have raised concerns about the increasing fraud associated with cryptocurrency ATMs, particularly targeting elderly Americans. This issue has prompted a group of Senate Democrats, led by Dick Durbin and including Elizabeth Warren, to take action.
The lawmakers have highlighted that fraud losses linked to Bitcoin ATMs have reached a staggering $65 million in just the first half of the year. Older adults have been disproportionately affected by these scams, making them a primary focus for intervention.
In response to these alarming figures, the senators have sent letters to major cryptocurrency ATM operators, such as Bitcoin Depot and CoinFlip. They are urging these companies to implement measures to combat fraud, including scam warnings and transaction limits.
The operators have been asked to respond by October 4, detailing the steps they plan to take to address these issues. The lawmakers are seeking concrete actions to protect vulnerable populations from falling prey to these scams.
The Federal Trade Commission (FTC) has reported a tenfold increase in crypto ATM fraud since 2020, underscoring the urgent need for action. The senators' initiative aims to curb this trend and safeguard consumers, particularly older adults, from further financial harm.
