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The new account of Arizona aims to protect residents from Bitcoin ATM fraud after a series of incidents, including the one where the woman lost $ 17,000 from a fraudster.
House Bill 2387, introduced by State Representative David Marshall, proposes strict regulations on KRIPTO currency ATM operations.
The legislation comes after Tamara, the recipient of social security from Peoria, became a victim of a fraudster who presented themselves as representatives of Paypal.
According to An ABC The newspaper news, she persuaded to withdraw $ 7,000 from her current account and $ 10,000 from her individual pension account (IRA), which she then transferred with a BTCOin (BTC) ATM.
The frauds used threats and pressure tactics, claiming that her accounts were threatened and that transfers were needed to protect her funds.
Arizona May Lawyer Kris Mayes said to ABC15 to increase the fraud associated with Bitcoin due to the nature of the heavy traces of cryptocurrencies. The proposed bill would implement several protective measures, including:
- Limit of a $ 1,000 transaction
- Mandatory Licensing of the State Operator
- Required Refund Policy
The scope of the fraud of cryptocurrencies in ATM has increased to great extent in recent years. The FBI Crypto Crypto Report revealed that the residents of Arizona lost about $ 127 million from the virtual money fraud, with an older than 60 years especially vulnerable.
Federal trade commission data show that ATM fraud for BTCOIN (BTC) has increased from $ 12 million in $ 2020. At $ 112 million in 2023.
Tamara’s case is an example of the usual tactics used by fraudsters who often create urgency and fear to overcome the doubts of victims.
“My Spidey senses were gone, but it was like he said he wouldn’t get the money back if you didn’t fulfill this task, and then it was like a threat,” ABC15 explained.
The proposed legislation shows that the Arizona effort to resolve this growing threat by increased regulation of KRIPTO currency ATMs, with the aim of protecting vulnerable residents from similar schemes.
The number of Bitcoin ATMs around the world increased by 6% at the age of 2024, which reflected the increasing acceptance of the crypto currency.
These machines function like traditional ATMs, but allow users to buy, and sometimes sell bitcoin and other crypto currencies using cash or bank cards, although the sale of fee is higher.
The first Bitcoin ATM was introduced in Vancouver 2013, and their presence has since expanded to over 37,500 machines in more than 70 countries.
Recent data Finbold, quoting Coin ATM Radar, confirms this trend of growth that is ongoing.
