Catherine Taylor, AARP Rhode Island

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. Fraud is everywhere, but one of the fastest-growing scams cryptocurrency ATM machines.

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 of 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 is criminal scams is very concerning. FBI data shows that Rhode Islanders lost more than $10 million in 2023 to crypto currency scams. Something must be done.

We need to pass the Cryptocurrency ATM Scam Prevention Bill. The Cryptocurrency ATM Scam Prevention bill (Senate Bill 16 and House Bill 5121) -- supported by AARP Rhode Island, the Rhode Island State Police and General Treasurer James Diossa -- will place a daily transaction limit and a scam-related refund policy on all cryptocurrency ATMs in Rhode Island. It would also require extensive warnings prior to a transaction and a detailed receipt at the conclusion of a transaction.

Measures to combat the use of cryptocurrency for fraud are being considered across the country. Connecticut, Vermont, Minnesota, and California have already passed laws similar to the legislation currently before the Rhode Island General Assembly.

Tell lawmakers that Rhode Islanders need to be protected from criminals utilizing cryptocurrency ATMs to steal their hard-earned money.

Tell them to pass the Cryptocurrency ATM Scam Prevention Bill. I encourage you to contact your state lawmakers right now. Click on the link to send an email.

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

Join Up! Volunteer to raise awareness about scams targeting older adults across the Ocean State.

Proper document shredding by a trusted source is your best protection against identity theft. Fraud Fighting Fridays is a free service for AARP members and nonmembers. Drop by with your recycling and we’ll shred it on the spot, Fridays, May 9 through July 25 in Bristol, Cranston, Cumberland, East Providence, Newport, North Kingstown, Providence, Warwick and Westerly. Dates and locations nearest you coming soon at aarp.org/RIEvents. Registration recommended but not required.

Drive-thru drop-offs are from 9 a.m. to noon. Two boxes per person and no businesses, please. We do not accept spiral notebooks or bound books.

Criminals will exploit any opportunity to steal your money, and family connections are no exception. The “grandparent scam” has been around for years; and like many other successful schemes, it's deliberately designed to get targets into a heightened emotional state. Learn More, Stay Safe.