Wisconsin Targets Crypto Kiosk Scams With New Bills

The decision follows a federal warning showing a 99% increase in complaints on these machines in 2024, and reported losses have increased by 31% to almost $ 247 million.

Senator Kelda Roys, joined by six other legislators, introduced Senate account 386 11. August. New account matches Assembly account 384They were submitted on July 31, representative of Ryan Spaude and ten sponsors.

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Suggestions demanded that kiosk operators would be registered in the Wisconsin system for licensing money for the money transmitter. They also set up customer protection rules, including fraud warnings, identity check checks, transactions limitations and restrictions on services fees.

Under accounts users Could exchange no more than $ 1,000 a dayand the fees could not exceed 5 or 3% of the transaction amount.

Each machine would also display a clear notice stated:

Fraud warning! The criminals seek to deceive the buyers of virtual currencies falsely by presenting loved ones, government officials, officers for law enforcement or charity organizations.

Before the first transaction, Operators should collect the customer name, date of birth, address, telephone number and photograph ID issued Government.

The second part of the plan focuses on the return. If the victim reports a fraud to enforce the law within 30 days, he should pay the operator the money.

If adopted, identity checking rules would enter into force 60 days after the laws became law.

On August 4, a network for conducting financial crimes in the US Rizda (Fincen) warned of the growing use of a crypto kiosk in fraud. What did the agency say? Read the whole story.