(Undated)– A new rule passed by the Iowa Legislature is intended to protect seniors from fraud at unregulated crypto currency kiosks. The measure is part of a broader effort to address financial scams that often target older Iowans. The law requires crypto operators to post written notices warning consumers about the financial risks of using the machines, which resemble an A-T-M. The measure also limits daily kiosk transactions to 1-thousand dollars. A-A-R-P Iowa’s Paige Yontz says the fraud numbers in Iowa are high…
The kiosks allow users to use cash or a debit card to buy or send crypto currency like Bitcoin in just a few seconds. Yontz says seniors are easy to scam because the technology is still so new – and largely unregulated…
Scammers typically convince their victims that they can protect their savings by converting it to Bitcoin, but instead the money is actually going into the scammer’s account.
The Iowa law is the latest in a series of measures across the country designed to protect consumers from crypto kiosk fraud.
(Courtesy Iowa News Service)
