Florida legislators are pushing forward with a bipartisan bill designed to combat cryptocurrency ATM scams that drained nearly $250 million from victims nationwide in 2024, according to FBI data.
The proposed legislation would require all crypto kiosks to display prominent warnings explaining common fraud tactics used to direct victims to the machines. The mandatory warning would state:
"WARNING: CONSUMER FRAUD OFTEN STARTS WITH CONTACT FROM A STRANGER. IF YOU HAVE BEEN DIRECTED TO THIS MACHINE BY SOMEONE CLAIMING TO BE A GOVERNMENT AGENT, BILL COLLECTOR, LAW ENFORCEMENT OFFICER, OR ANYONE YOU DO NOT KNOW PERSONALLY, STOP THIS TRANSACTION IMMEDIATELY AND CONTACT YOUR FINANCIAL ADVISOR OR LOCAL LAW ENFORCEMENT."
The FBI's latest numbers reveal crypto ATM scam losses more than doubled from the previous year, with scam reports jumping 99% in just one year. Older Americans are bearing the brunt of these attacks, with people over 60 losing more than $107 million to these scams in 2024 — 6 times more than all other age groups combined.
Banks, FBI warn of rise in scammers posing as employees to steal your money
Research from AARP shows most adults cannot tell the difference between a cryptocurrency ATM and a regular bank ATM. Scammers are taking advantage of this confusion, often using urgent tactics to pressure victims into converting cash to cryptocurrency.
The Florida bill would also cap how much customers can deposit into a crypto ATM. Currently, there are no limits whatsoever. Under the proposed legislation, new customers would be limited to $2,000 per day.
During a House committee hearing this week, lawmakers argued they are looking to protect consumers, not attack cryptocurrency.
"This bill has nothing to do with the industry itself. What it has to deal with is a tool that is used by the bad guys to exploit our senior communities," Rep. Michael Owen (R-Apollo Beach) said.
Even some members of the crypto industry favor the bill, telling lawmakers they are not looking to profit off scammers.
The bill has bipartisan support in both the House and Senate. It passed its first hurdle unanimously in committee this week.
The Federal Trade Commission warns only scammers demand payment in cryptocurrency. Unlike bank accounts, crypto transactions are not insured and cannot be reversed. If someone demands you give them cryptocurrency, hang up the phone immediately and call law enforcement.
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