A bill to protect consumers using ATM machines for encrypted currency (ATMs) in the United States in the Senate. The Crypto ATM draft of the Crypto ATM was sponsored by Senator Illinois Dick Dorbin and three other Democrats.
Durbin, who has a record as a strong opponent in the cryptocurrency, presented the draft law in the Senate Hall on February 25. “Mr. President, it’s time for some logical handrails on the unorganized industry to a large extent,” is it He said.
The draft law gives the ATM operators more responsibility
Durbin ran through the main provisions of the draft law while submitting it. There is no text of the bill available at the time of writing this report. In general, it provides greater protection from customers against fraud and expanding the responsibilities of the ATM operators to prevent fraud.
Specifically, the ATM operators for encryption will be asked to warn customers of fraud and take other reasonable measures to prevent fraud in their devices. They will also be required to use analyzes to detect fraud. Durbin noted that some ATM Crypto operators are already doing it.
Durbin narrated how the elderly and new expatriates are often victims of fraud that involve ATMs. Several provisions of the draft law aim to protect these sections of the population.
New customers will have a two -week window when it is limited to $ 2000 a day in deposits and a total of $ 10,000. For new customer transactions for more than $ 500, the ATM Crypto operator will be required to confirm the transaction using a live phone call. The phone call aims to confuse the fraudsters, who often keep their victims on the phone through the entire fraudulent deal.
All customers will be qualified to recover full money for fraudulent treatment if they inform the police within 30 days. All ATMs for encryption will be needed to provide a paper delivery receipt with useful law for law enforcement.
Fraud at ATM Crypto on many radars
Deren and six Democratic Senate members sender A message to the ten prominent ATM Movery in September they ask about their efforts to combat fraud.
There are more than 31,000 ATMs in the United States. Federal Trade Committee data Display This fraud in the ATM coding increases rapidly. Consumers lost $ 100 million in ATM Crypto fraud in 2023 and 65 million dollars in the first half of 2024. The average loss in 2024 was 100,000 dollars. People over the age of 60 were more likely to be victims of such fraud.
At least 15 states have Proposal Legislation to protect consumers from ATM Crypto. In New Jersey, a complete ban on ATMs was proposed for encryption.
ATMS CRYPTO legislation has been developed in several states this year alone. It includes Arizona, Rod Island and yeah. The Public Prosecutor in Pennsylvania A released warning On the ATM coding on the same day, Durbin presented his bill. Public Prosecutor of Dilayer Release A similar warning in January.
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