AARP Urges Task Force to Address Crypto Kiosk Fraud

AARP Wisconsin was one of three groups invited to speak at the first meeting of the Speaker’s Task Force on Elder Services on Oct. 30, which focused on scams and fraud prevention information.

Wisconsinites had $45 million stolen from them by scammers in 2024 alone, and scammers are frequently turning to cryptocurrency kiosks to steal people’s money.

These machines look just like traditional ATMs, but instead of withdrawing money, victims are sent to these machines to deposit large amounts of cash into a scammer’s anonymous digital wallet.

A first-of-its-kind investigation by the Iowa Attorney General into two major kiosk operators found they had scam transaction rates of 98% and 95%, respectively.

AARP Wisconsin is asking lawmakers to introduce a bill to put guidance from the Wisconsin Department of Financial Institutions into law, which limits daily transactions at cryptocurrency kiosks to $2,000 per user per day.

The Wood County Sheriff's Office told members of the Elder Services Task Force that since the guidance took effect, “we have yet to have a cryptocurrency kiosk-related scam take place in our county that we’re aware of.”

Enshrining the $2,000 daily transaction limits in state law will ensure that all Wisconsinites have full protection from cryptocurrency kiosk scams.

You can watch the full meeting on Wisconsin Eye, using this link. You will need to create a free account.

To view our full policy recommendations for the task force, click here.