LA CROSSE (WKBT) — AARP Wisconsin is advocating for new state legislation to protect consumers from cryptocurrency kiosk scams as fraudsters increasingly target victims through these machines.
The consumer advocacy organization wants Wisconsin to join 17 other states that have enacted laws regulating cryptocurrency kiosks, which scammers use to steal money from unsuspecting victims.
Fraudsters typically pose as government officials or investors and convince victims to convert their money into cryptocurrency at the kiosks. Once victims complete these transactions, their money becomes gone and often untraceable, making recovery nearly impossible.
AARP’s proposed legislation would establish several key consumer protections. The organization wants state law to include a daily limit on transactions, cap kiosk fees, and require kiosk operators to refund scam victims.
“With these machines becoming more widely available, and without consumer protections, scammers are using them a lot more often,” said Courtney Anclam, senior program specialist for AARP Wisconsin.
The daily transaction limit represents a critical component of the proposed protections, according to Anclam.
“We feel that daily transaction limit is really critical when it comes to, as law enforcement puts it, ‘stopping the bleed’ when it comes to having money stolen,” Anclam said.
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