A growing number of states are enacting or considering new regulations on cryptocurrency ATMs in an effort to combat fraud, according to a recent report from AARP. So far this year, 20 states
have either drafted or passed laws and regulations targeting crypto ATMs, some of which will require ATM owners to warn customers about potential scams and set daily transaction limits for users.
The push for tighter oversight comes amid rising concerns about fraud involving these machines. The Federal Trade Commission reported last year that Americans lost at least $65 million to crypto ATM-related scams in just the first half of 2024—a figure likely underestimated, as many incidents go unreported. Older adults are particularly vulnerable with people aged 60 and over accounting for two-thirds of the total dollars lost through crypto ATM fraud.
We offer resources and guidance to help keep you safe from financial scams, including those involving cryptocurrency ATMs. We encourage you to contact us immediately if you think you have fallen victim to a scam. Learn more about recognizing and avoiding fraud at https://www.mvsb.com/resources/fraud-prevention/.
