Durbin Introduces Act to Tackle Crypto ATM Fraud

Senator Dick Durbin of Illinois has introduced the Crypto ATM Fraud Prevention Act in the U.S. Senate to address growing concerns about fraud on cryptocurrency ATMs. The bill mandates operators to implement fraud detection systems and provide clear warnings about potential scams, while new users will face stricter limitations on deposits and transaction verification. 2-week daily deposit limits of $2,000 for new users, with a maximum of $10,000, are enforced in addition to live call confirmations for transactions exceeding $500. The bill also offers full refunds to consumers who report fraudulent transactions within the first 30 days and ensures compliance with law enforcement investigations through paper receipts.