AARP Colorado is addressing the rise in cryptocurrency ATM fraud targeting older residents through legislative support for SB 79. This bill aims to introduce protective measures including transaction limits and refund requirements for fraudulent activities. The legislation has received backing from AARP officials and local law enforcement, passing unanimously in committee.
AARP is actively combatting the increase in cryptocurrency ATM fraud affecting older residents in Colorado. Recently, AARP staff and volunteers participated in a Senate Judiciary Committee hearing for SB 79, which proposes essential protections against this type of fraud. These protections include enforcing daily transaction limits, issuing fraud warning notices, mandating receipt requirements, and requiring operators to refund fraudulent transactions.
According to Karen Moldovan, AARP Colorado’s advocacy director, the proliferation of crypto ATMs has provided scammers with an opportunity to defraud residents significantly. Individuals are often misled into thinking they must settle an overdue bill quickly by depositing money into a crypto ATM, which they are not informed about. This leads to the unfortunate loss of their funds without any documentation of the transaction.
Amy Nofziger, director of AARP’s Fraud Victim Support, emphasized the vulnerability of older Coloradans to such scams due to their persuasive nature. The situation is aggravated by the sophisticated methods utilized by scammers. Additionally, law enforcement officials, including investigators from the Mesa County Sheriff’s Department, voiced their challenges in preventing fraud and retrieving lost funds for victims.
The SB 79 legislation is progressing positively, having passed out of the committee unanimously. It is set to be reviewed by the Senate Committee of the Whole for its second reading. For updates on this bill and other advocacy efforts by AARP Colorado, individuals can register at www.aarp.org/yes2email to receive important email notifications.
