AMBRE MARR by Indiana Capitol Cronicle
Other states have enacted legislation — but not Indiana.
Criminals have discovered a new way to steal millions from older Americans — and Indiana lawmakers have the power to stop it.
Cryptocurrency ATMs, often called “crypto kiosks,” are popping up in convenience stores, gas stations, and retail locations across the country. These machines allow users to conduct legitimate cryptocurrency transactions, but their lack of regulation compared to traditional financial institutions has made them a prime target for fraud.
Consumers in 2024 reported losing a total of $246.7 million via crypto ATMs — a 31% increase from 2023, according to the FBI. Among the crimes where the victim’s age was known, 86% of the losses occurred among Americans over 60. And that’s just the tip of the iceberg — many victims never report being scammed.
These crimes often start with a phone call or text message claiming an urgent financial matter. Victims are instructed to withdraw large sums of cash from their bank account — sometimes tens of thousands of dollars — and deposit it into a cryptocurrency kiosk. Once the money is transferred, it’s usually gone for good.
There are more than 20,000 cryptocurrency ATMs across the United States, and Indiana is no exception, with hundreds across the state. This means that, due to the lack of consumer protections, Hoosiers are left vulnerable. That’s why AARP Indiana is fighting to save older Hoosiers from losing their savings to criminals.
During next year’s legislative session, Indiana lawmakers have an opportunity to act. Seventeen other states have enacted legislation, and cities are also taking steps to protect consumers. For example, Evansville recently passed an ordinance after law enforcement saw a steady increase in fraud cases connected to crypto ATMs.
Older Hoosiers—and frankly, all consumers — deserve stronger safeguards against this type of fraud. States like Arkansas, Iowa and Nebraska, and cities like Evansville have already set the standard with commonsense protections: clear fraud warnings, upfront customer service contact information, and refunds for outrageous fees tied to fraudulent transactions.
These measures work, but that’s not enough. There should be daily transaction limits, and consumers need receipts with detailed information to help them and law enforcement track suspicious activity. We also need direct communication channels between ATM operators and law enforcement — because when fraud happens, time matters. And for operators who ignore these rules? Serious penalties should apply.
Regardless of where they live in the state, Hoosiers should have peace of mind knowing their hard-earned money is secure. No one should have to worry about being tricked into handing over their retirement funds to a scammer hiding behind a screen. These criminals can be remarkably clever, often manipulating even the most knowledgeable individuals.
These dangerous loopholes can be addressed by state leaders, and with thoughtful collaboration, we can ensure all Hoosiers — especially older adults — are protected from fraud and confident their savings will stay where they belong. AARP Indiana is ready to help make that future a reality.
