Arizona set to crack down on crypto ATM scams
The post Arizona set to crack down on crypto ATM scams appeared on BitcoinEthereumNews.com. Arizona has announced that regulations concerning crypto ATMs are set to go into effect this week. The main intention of the regulation will be to tackle scams carried out with the machines. This way, residents and users of the ATMs would have an extra layer of protection when carrying out their transactions. The scam in question involves the use of crypto kiosks, which allow users to convert cash into Bitcoin and other digital assets. They are often located in some businesses or shopping malls. The scammers just have to use various con methods, including pretending to be a government official, a romantic partner, or gaining trust through deception, before asking them to deposit a large amount of money into one of these crypto ATMs. Regulations to crack down on crypto ATM scams in Arizona Arizona has experienced a huge rise in the number of its residents getting scammed through cryptocurrency ATMs over the past year. The number was so high that Attorney General Kris Mayes issued a letter of support to the Yavapai County Sheriff’s Office last November, noting that efforts are being taken to combat the crimes. The AG mentioned that programs such as posting signs on the machines to warn residents that they may be victims of a scam. AG Mayes, in the letter, urged all business owners in the county to support the Sheriff’s Office in its efforts to stop the loss of thousands of dollars. The AG added that Arizonans have lost millions of dollars in the past year to various scams, with the criminals using the machines as an outlet to receive cash. She mentioned that the criminals prey on elderly folks, noting that “It is truly heartbreaking to hear the stories of individuals who have lost part or all of their life savings to…
The post Arizona set to crack down on crypto ATM scams appeared on BitcoinEthereumNews.com.
Arizona has announced that regulations concerning crypto ATMs are set to go into effect this week. The main intention of the regulation will be to tackle scams carried out with the machines. This way, residents and users of the ATMs would have an extra layer of protection when carrying out their transactions. The scam in question involves the use of crypto kiosks, which allow users to convert cash into Bitcoin and other digital assets. They are often located in some businesses or shopping malls. The scammers just have to use various con methods, including pretending to be a government official, a romantic partner, or gaining trust through deception, before asking them to deposit a large amount of money into one of these crypto ATMs. Regulations to crack down on crypto ATM scams in Arizona Arizona has experienced a huge rise in the number of its residents getting scammed through cryptocurrency ATMs over the past year. The number was so high that Attorney General Kris Mayes issued a letter of support to the Yavapai County Sheriff’s Office last November, noting that efforts are being taken to combat the crimes. The AG mentioned that programs such as posting signs on the machines to warn residents that they may be victims of a scam. AG Mayes, in the letter, urged all business owners in the county to support the Sheriff’s Office in its efforts to stop the loss of thousands of dollars. The AG added that Arizonans have lost millions of dollars in the past year to various scams, with the criminals using the machines as an outlet to receive cash. She mentioned that the criminals prey on elderly folks, noting that “It is truly heartbreaking to hear the stories of individuals who have lost part or all of their life savings to…
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