AARP Oklahoma Backs Anti-Fraud Bill to Protect Against Rampant Cryptocurrency ATM Scams

AARP Oklahoma is urging state lawmakers to support new legislation to help combat fraudulent activity involving cryptocurrency ATMs, also known as bitcoin ATMs or digital asset kiosks. Senate Bill 1083 by Rep. Mark Lepak and Sen. Darrell Weaver will create important consumer protections to save Oklahomans from having their life savings stolen by criminals.

Cryptocurrency ATMs look like bank ATMs and allow people to conduct legitimate cryptocurrency transactions. However, they can also be used to carry out fraudulent activity. Scams involving cryptocurrency ATMs are on the rise. In 2024, the FBI logged more than 10,956 complaints nationwide about these kiosks, with $246.7 million stolen. Oklahomans alone lost $37.7 million to cryptocurrency-related scams, including scams related to cryptocurrency ATMs/kiosks. With 400 kiosks across Oklahoma as of February 1, 2025, the threat is only growing.

“Older Oklahomans should not have to worry about criminals stealing the savings they worked so hard to accumulate for retirement,” said AARP Oklahoma Advocacy Director Joy McGill. “By passing Senate Bill 1083, Oklahoma can lead the way in preventing criminals from using cryptocurrency ATMs to harm our community members. This is a cause that all our legislators can champion to ensure a safer future for all Oklahomans.”

Senate Bill 1083 calls for numerous safeguards to prevent criminals from using cryptocurrency ATMs to steal, including:

• Providing a refund for new customers who are victims of fraud if they report it within 14 days of the transaction to the police and kiosk operator
• Imposing daily transaction limits to avoid potential risks associated with higher transactions
• Posting fraud warning notices that are visible and identify steps people should take if they suspect fraudulent activity
• Clearly displaying terms and conditions before a transaction, including any fees charged and the exchange rate
• Giving receipts with relevant transactional information, which allows law enforcement to investigate immediately
• Requiring digital asset kiosk operators to refund kiosk fees for fraudulent transactions related to fraud
• Authorizing the Oklahoma Banking Department to require licensure in the state of Oklahoma; oversight of complaint activity and revocation of operator licensure if operators are subject of two or more consumer complaints related to fraudulent transfers that are not reimbursed
  

“Digital asset kiosks, or cryptocurrency ATMs, have become a prime target for criminals due to the lack of robust security measures,” continued McGill. “Senate Bill 1083 introduces essential protections to prevent fraud and safeguard Oklahomans. By implementing simple yet critical consumer protections, we can significantly reduce the risk of these kiosks being used for fraudulent and criminal activities.”