Crypto ATM Legislation Passed Into Law!

AARP’s mission is to empower people to choose how we live as we age. Financial security, including fraud prevention, is essential to that empowerment. That's why AARP Rhode Island fought successfully for legislation addressing crypto fraud.

AARP’s Fraud Watch Network has increasingly received reports over the past few years of criminals directing victims of their fraudulent schemes to make payments at crypto ATM machines. And it’s going on in Rhode Island where we now have some 120 cryptocurrency ATMs. They can be found in gas stations, convenience stores, laundromats, and other small shops.

While they are used for legitimate purposes, their use in criminal scams is very concerning. FBI data shows that Rhode Islanders lost more than $10 million in 2023 to crypto currency scams with numbers steadily increaseing. Something had to be done.

The new law requires:

• Daily Transaction Limits ($2k for new customers, $5k for existing customers
• Required to license machines with Department of Business Regulations.
• Extensive disclosures prior to crypto ATM transactions.
• Physical receipts must be available to customers after a transaction.
• Crypto ATM owners must have anti-fraud policy and employ a compliance officer.
• Full transaction refund for new customers who are victims of fraud.
• Refund of transaction fees only for existing customers who are victims of fraud.
• Live customer service line must be in operation for customers.

Nonetheless, Rhode Islanders are still at risk. AARP is commited to preventing fraud by way of education and public awareness. You can sign up to receive free AARP Fraudwatch Watchdog Alerts or call the Fraudewatch Network Helpline at any time at 877-908-3360.

Interested in having your organization host an AARP Rhode Island Speakers Bureau fraud presentation? Contact Darlene Reza Rossi at (401) 248-2674 to learn more. And you can ask Darlene about volunteering for the Speakers Bureau as a Fraudwatch speaker or event greeter.

Watch

Thanks to everyone who reached out to legislators, urging passage of the crypto bill and thank you to the lawmakers who supported it.

Catherine Taylor joins The Public's Radio's "The Weekly Catch” host Luis Hernandez to discuss legislation to regulate crypto currency ATMs. Listen now.

WATCH: AARP Rhode Island's Matt Netto testifies, starting at the 6:20 mark

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