Cryptocurrency Kiosks — Scammers' Favorite Way to Steal Your Money

November 2025

Fraudulent activity targeting older Americans is on the rise. Cryptocurrency kiosks, also known as “crypto ATMs,” “BTMs,” or “virtual currency kiosks,” can be found in supermarkets, convenience stores, gas stations, bars, and restaurants. There are currently over 700 cryptocurrency kiosks in Wisconsin.

Crypto kiosks look like bank ATMs and allow people to conduct legitimate cryptocurrency transactions, such as sending money to digital wallets. However, because crypto kiosks are largely unregulated at the state level compared to traditional financial institutions, like banks and other money service businesses, they lack similar fraud protections. As a result, criminals used crypto kiosks to steal over $246.7 million from Americans in 2024 alone, according to the FBI.

Criminals—often impersonating government officials or businesses—
convince individuals that they must address an urgent financial matter, directing them to withdraw large amounts of cash and put that money into a crypto
kiosk. It is then transferred to a digital wallet controlled by the criminal.

A first-of-its-kind investigation into cryptocurrency kiosks by the Iowa Attorney General found that 98% of transactions from one major operator were scams, and a recent lawsuit by the Washington D.C. Attorney General found that 93% of transactions from another operator were scams.

To date, 17 states have passed laws to protect consumers from crypto kiosk scams, including neighboring states like Minnesota, Illinois and Iowa. If Wisconsin doesn’t do the same, criminals will take advantage and send victims to the machines here.

AARP Wisconsin is asking lawmakers to introduce a bill that:

• Limits daily transactions to $2,000 per user or less to make these machines less attractive to criminals 
• Caps the fees or exchange rates charged by kiosk operators  
• Requires kiosk operators to refund scam victims  
• Ensures kiosk users get a receipt for all transactions so law enforcement can investigate scams