Governor Kay Ivey signs legislation to regulate crypto ATMs after residents lose hundreds of thousands of dollars to fraud.
) - Alabama Gov. Kay Ivey signed the Cryptocurrency Kiosk Fraud Prevention Act into law this week, putting rules and regulations on cryptocurrency ATM s. In Hoover , community members have lost more than $800,000 to scammers luring them to crypto kiosk s over the last five years.
Many of these ATMs are found in places like gas stations or grocery stores.
“A lot of people who are victims of these scams they’re not stupid people. They’re people who are educated and have good jobs, and many times I have lived a very full life. They just fall victim because the scammers know what language to use,” said Capt. Daniel Lowe with the Hoover Police Department.
Under the Cryptocurrency Kiosk Fraud Prevention Act, transactions will be capped, fraud warnings displayed on machines and refund mechanisms set in place for confirmed fraud cases.
“Now that we have some parameters around these kiosks to hopefully prevent some of this fraud, especially the daily limits alone will at least lower the dollar amount that people can put into one of these at one time,” Lowe said. The law also requires the kiosks to have a customer service line based in the United States. Anyone who violates it can face civil and criminal charges.
“It’s been a really prevalent problem, and we’re glad that our state is taking some steps to help get some parameters on this and hopefully keep our citizens’ money in their pockets because they’ve earned it,” Lowe said. Police in Hoover do want to remind you that law enforcement would never ask anyone to pay a fine by using cryptocurrency. If someone gets a call asking them to do this, they should hang up and call police.
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New Law Alabama Legislature Cryptocurrency Crypto Crypto Kiosk Cryptocurrency Kiosk Scam Crypto Scam Cryptocurrency Scam Crypto Kiosk Scam Cryptocurrency Kiosk Scam Wbrc Myfoxal News Central Alabama ATM Fraud Prevention Act Hoover Hoover Pd Hoover Police Department
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