NCL supports new legislation to combat crypto ATM fraud  

Media Contact: Lisa McDonald, Vice President of Communications, 202-207-2829     

Washington, DC – The National Consumer League (NCL) expresses strong support for the Crypto ATM Fraud Prevention Act introduced by Senator Dick Durbin (D-IL). This critical legislation aims to protect consumers from rising scams involving cryptocurrency ATMs. The minimal regulation of these machines, combined with the anonymity and irreversibility of cryptocurrency transactions, makes crypto ATMs a preferred tool for scammers.   

  “This legislation is a vital step in protecting everyday consumers from the growing threat of crypto ATM fraud,” said Fraud John Breyault, NCL VP of Public Policy and Telecommunications. “The Crypto ATM Fraud Prevention Act will provide necessary safeguards to stop scammers from exploiting cryptocurrency ATMs to steal hard-earned savings. We applaud Senator Durbin’s leadership in addressing this urgent issue.”   

  NCL’s Top Ten Scams report for 2024 found staggering losses from cryptocurrency scams. The median loss reported to NCL’s Fraud.org reached a new peak of $30,000 for the complaint category, including crypto fraud. Additionally, according to the Federal Trade Commission (FTC), Americans lost $66 million to crypto ATM fraud in the first half of 2024. The bill would require crypto ATM operators to inform consumers about scams, implement safeguards to prevent fraud and give law enforcement new tools to investigate and stop these crimes.     

###       

About the National Consumers League (NCL)      

The National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.