MADISON, WI – Consumer protections that prevent criminals from preying on Wisconsinites’ retirement savings via cryptocurrency kiosk scams are now in place, thanks to a bill signed into law today by Governor Evers.
AARP Wisconsin thanks the Governor for recognizing the severity of this problem and taking steps to curb fraud at crypto ATMs. The State Senate and Assembly had previously passed the bill (AB 968) on unanimous votes.
“Our legislature and governor really stepped up to the plate,” said AARP Wisconsin State Director Raj Shukla. “This law will prevent crimes committed daily at more than 700 cryptocurrency kiosks across Wisconsin. It protects consumers from scammers who lie and cheat to steal an entire life savings in minutes using crypto kiosks.
“We couldn’t have gotten this critically important legislation across the finish line without the collective strength of our membership and other stakeholders. This was truly a team effort from start to finish,” Shukla said.
Shukla thanks the bill’s authors – Sen. Jesse James (R-Thorp), Rep. Pat Snyder (R-Weston), and Rep. Steve Doyle (D-Onalaska), for shepherding this legislation. He also thanks all state legislators for listening to AARP Wisconsin’s 800,000-plus members, law enforcement, and scam victims who were brave enough to share their stories of financial manipulation.
Cryptocurrency kiosks are found in convenience stores, gas stations, and other businesses across Wisconsin. Criminals use threats and deceptive promises to convince victims to deposit cash into a crypto kiosk. Then money is converted into crypto currency and essentially disappears.
Investigations have shown that more than 9 in 10 uses of crypto kiosks are fraudulent, and many are tied to illicit activities like drug and human trafficking. This legislation protects Wisconsinites’ pocketbooks by:
Setting daily transaction limits at $1,000.
Requiring cryptocurrency kiosk operators to provide users with receipts.
Implementing consumer identification measures for every transaction.
Allowing scam victims to receive refunds.
“No one should have to worry about being manipulated by criminals hiding behind a screen,” Shukla said. “The overwhelming evidence shows these machines are almost exclusively used to steal millions of dollars from consumers. This law goes a long way towards stopping that from happening. We’re thrilled our lawmakers and governor acted to curb these scams.”
