Fighting Crypto ATM Scams: New Senate Rules Aim to Protect Consumers
U.S. Senators have introduced the Crypto ATM Fraud Prevention Act to combat rising scams, particularly targeting elderly victims.
The bill mandates improved fraud warnings, requires operators to develop FinCEN-submitted anti-fraud policies, and implements transaction limits for new users. Additionally, the legislation ensures fraud victims can receive refunds and mandates live verbal confirmation for large transactions. Senators aim to replace inconsistent state regulations with a federal standard, forcing crypto ATM operators to register with the Treasury Department and enhance transparency.
The Act addresses the surge in crypto ATM fraud, which has seen losses skyrocket in recent years, by imposing stricter rules and increasing accountability.
Clever Robot News Desk 2nd March 2025
