The biggest Bitcoin ATM operators in the country have been urged by a group of US Senate Democrats to increase their efforts in stopping fraud that preys on senior citizens. The senators addressed the rising number of frauds utilizing Bitcoin ATMs, under the direction of Senate Judiciary Committee Chair Dick Durbin. They asked companies to take prompt action to protect more susceptible populations.
The Federal Trade Commission has statistics indicating that in the first half of this year alone, fraudulent transactions using Bitcoin and ATMs exceeded $65 million. Older people, particularly those 60 years of age and older, were disproportionately affected since they were three times more likely than younger users to experience financial losses.
Among them was Senator Elizabeth Warren, who brought up recent reports allegedly depicting scam artists pressuring elderly individuals to use Bitcoin ATMs to transfer money.
By early October, the Senators want replies from well-known Bitcoin ATM firms detailing their fraud prevention plans. This is consistent with wider worries about the surge in bitcoin frauds; according to FBI data, this year has seen a discernible uptick in cryptocurrency fraud.
According to statistics from the Federal Trade Commission (FTC), fraud utilizing Bitcoin ATMs caused financial losses of up to $65 million in just the first half of this year.