Senator Proposes Bill to Combat Crypto ATM Fraud

Illinois Senator Dick Durbin has introduced legislation aimed at preventing fraud on cryptocurrency ATMs nationwide. In a Senate floor speech on February 25th, Senator Durbin detailed a story of a constituent who was scammed by someone claiming authorities had issued a warrant for their arrest. The scammer allegedly convinced the man to pay a $15,000 deposit at a crypto ATM to avoid potential jail time. This act highlighted an alarming trend of crypto ATM fraud, particularly targeting senior citizens, according to Senator Durbin.