On February 27, Senator Dick Durbin introduced a new bill aimed at combating fraud in crypto ATMs in the United States. This comes amidst a rise in scams targeting unsuspecting consumers, particularly the elderly.
Rising Issue of Crypto ATM Fraud
Speaking on the Senate floor, Dick Durbin highlighted a case where a senior was defrauded out of $15,000 after receiving a fraudulent call. According to FBI reports, Americans lost over $5 billion to crypto-related fraud in 2023, with seniors frequently targeted.
Objectives and Provisions of the New Bill
The proposed bill mandates crypto ATM operators to implement consumer protection measures, including mandatory fraud warnings and new tools for law enforcement. Deposit limits are set at $2,000 per day and $10,000 in total, with deposits over $500 requiring verbal confirmation. Full refunds for victims in some cases are mandatory.
Crypto ATM Market Future Outlook
According to a Research and Market report, the global crypto ATM market was valued at $87.35 million in 2023 and is expected to reach $2.58 billion by 2032. This expansion is attributed to the growing acceptance of cryptocurrencies and supportive regulatory policies worldwide.
If enacted, the bill will provide added protection to crypto ATM users, focusing on elder individuals who are often victims of scams. These measures could play a crucial role in reducing financial losses from these crimes.
