- Arizona Attorney General Kris Mayes launched a fraud complaint form for victims to report losses within 30 days, warning of a surge in crypto ATM scams.
- The scams typically start with impostors posing as law enforcement or loved ones, pressuring victims to deposit cash into crypto kiosks.
- Americans reported $246 million in losses linked to crypto ATMs in 2024, with 43% of victims over age 60, according to FBI data.
On Monday, Arizona Attorney General Kris Mayes announced an urgent warning and a new complaint form as scammers increasingly exploit the state’s 600 crypto ATMs. These fraudsters frequently target older adults, with Arizonans alone losing over $177 million in 2024.
However, these scams follow a familiar and manipulative pattern. Victims receive unexpected calls or texts from impostors claiming to be law enforcement or relatives in distress.
Consequently, the pressured victims withdraw cash and deposit it into crypto ATMs. Americans reported $246 million in total losses linked to these machines in 2024, Bitcoin-atm-united-states/” target=”_blank” rel=”nofollow external noopener”>data shows.
Meanwhile, Arizona enacted a law last year to regulate crypto kiosks. This legislation requires operators to display fraud warnings and cap daily transactions.
Similarly, other jurisdictions like Spokane and Illinois are implementing their own restrictions. Crypto ATM operators have also recently faced multiple penalties and enforcement actions.
For example, Bitcoin Depot agreed to a $1.9 million settlement with Maine regulators this month. These actions are part of broader efforts to curb fraud.
Cybercrime consultant David Sehyeon Baek told Decrypt that “scammers are experts in psychology and human behavior.” He argued that stronger safety measures at crypto ATMs could reduce fraud effectively.
Mayes stressed that no legitimate company or government will ever request crypto ATM deposits. She urged consumers to independently verify any urgent payment requests.
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