The post Elderly and first-time crypto ATM users get safeguards in bill before US Senate appeared on BitcoinEthereumNews.com.

A bill to protect consumers using cryptocurrency automatic teller machines (ATMs) in the United States has been introduced in the Senate. The Crypto ATM Fraud Prevention Act bill was sponsored by Illinois Senator Dick Durbin and three other Democrats. Durbin, who has a record as a staunch opponent of cryptocurrency, introduced the bill on the Senate floor on Feb. 25. “Mr. President, it is past time we placed some common-sense guardrails on the largely unregulated industry,” he said. The bill gives ATM operators greater liability Durbin ran through the main provisions of the bill while introducing it. No text of the bill is available at the time of writing. In general, it provides greater customer protection against scams and broadens the responsibilities of ATM operators for scam prevention. Specifically, crypto ATM operators would be required to warn customers about scams and take other reasonable measures to prevent fraud at their machines. It also would require them to use analytics to detect fraud. Durbin noted that some crypto ATM operators already do that. Durbin recounted how the elderly and newcomers to crypto are often the victims of scams involving ATMs. Several of the bill’s provisions are aimed at protecting these segments of the population. New customers would have a two-week window when they are limited to $2,000 a day in deposits and a $10,000 total. For new customers’ transactions over $500, the crypto ATM operator will be required to confirm the transaction with a live telephone call. The phone call is intended to confound scammers, who often keep their victims on the phone through the entire fraudulent transaction. All customers would be eligible for a full refund for a fraudulent transaction if they inform the police within 30 days. All crypto ATMs would be required to provide a paper receipt for transactions…

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Filed under: News - @ February 26, 2025 1:22 am