Arizona sees a surge in crypto ATM scams
PANews reported on February 3 that, according to Decrypt, Arizona Attorney General Kris Mayes issued an urgent warning on Monday due to a surge in cryptocurrency ATM scams targeting the elderly. He also introduced a new fraud complaint form for victims, advising them to report their losses within 30 days to increase the chances of recovering their funds.
Data shows that in 2024 alone, Arizona residents lost more than $177 million to crypto ATM scams. Nationwide, crypto ATM-related fraud losses reached $246 million in 2024, with approximately 43% of victims being over 60 years old.
Mayes warns that anyone instructing consumers to use cryptocurrency ATMs is "highly likely" a scammer. Scammers typically impersonate law enforcement, utility companies, or distressed relatives, pressuring victims via urgent phone calls or text messages to withdraw cash and deposit it into cryptocurrency ATMs.
To address this issue, Arizona enacted a law in 2025 to regulate approximately 600 encrypted ATMs in the state, requiring operators to display multilingual fraud warnings, provide 24/7 live customer support, and set transaction limits (US$2,000 per day for new customers and US$10,500 per day for existing users). Mayes emphasized that no legitimate company or government agency would request payments made through encrypted ATM deposits.
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