Senator Durbin Introduces Bill to Combat Crypto ATM Fraud

user avatar

by Giorgi Kostiuk

2 years ago

In February 2025, Illinois Senator Dick Durbin and three colleagues introduced the Crypto ATM Fraud Prevention Act in the US. The initiative aims to enhance consumer protection and enforce stricter rules on crypto ATM operators.

Introduction of the New Law

The bill proposed by Senator Durbin mandates crypto ATM operators to take measures to prevent fraud. Operators are required to display scam warnings and use analytics to detect suspicious activities.

Consumer Protection Measures

Legislators propose limiting new users' deposits during their first two weeks. The daily deposit limit is $2,000, with a maximum total of $10,000. Transactions over $500 require phone call confirmation.

Rising Fraud in Crypto ATMs

The Federal Trade Commission reports a significant increase in fraud reports involving US crypto ATMs. In 2023, the fraud loss was $100 million, with an additional $65 million reported in the first half of 2024.

Durbin's bill highlights the need to enhance security measures for crypto ATM users, especially seniors who are more often targeted by fraudsters.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Blockchain.com Introduces New Trading API for Institutional Clients

Blockchain.com has launched a trading API designed for institutions to access its liquidity across digital assets.

user avatarSon Min-ho

Warren and Trump Team Up for Credit Card Interest Rate Cap

Senator Elizabeth Warren announced her readiness to collaborate with President Donald Trump to implement a 10% cap on credit card interest rates, aiming to provide relief for millions of Americans burdened by high credit card debt.

user avatarAyman Ben Youssef

Broadridge and Dinari Integrate Proxy Voting for Tokenized Stocks

Broadridge and Dinari have integrated their systems to allow eligible holders of Dinaris dShares to exercise voting rights through established proxy voting infrastructure.

user avatarTando Nkube

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.