New Oklahoma law targets Bitcoin ATM scams — here’s what you need to know
A new Oklahoma law aims to stop scammers who use cryptocurrency ATMs to steal money, especially from older adults.
Q: What’s the problem with cryptocurrency ATMs?
A: These machines, which look like regular bank ATMs, are being used by scammers to steal money. Victims are often told to deposit cash and scan a QR code, unknowingly sending the funds straight into a scammer’s digital wallet.
Q: Who’s being targeted?
A: Scammers often target older Oklahomans. Last year, a 92-year-old woman was scammed out of thousands at a Bitcoin kiosk inside Woodland Hills Mall. She was also attacked by a thief who saw her putting money in and stole the rest of her cash. Police say most of these scams are run from overseas.
Related: Suspect in assault, robbery of 92-year-old Tulsa woman arrested in Dallas
Q: What does the new law do?
A: The law introduces key safeguards:
- Limits first-time users to $2,000 in transactions over a 72-hour period
- Requires kiosks to be licensed and tracked by the state
- Allows victims to seek refunds if reported within 14 days to police and the kiosk operator
- Adds civil penalties for operators who fail to follow the rules
Q: What are lawmakers saying?
Senator Darrell Weaver, a former law enforcement officer who helped write the bill, says this is about protecting Oklahomans from being taken advantage of.
Sen. Weaver:
“You can be sued civilly if you scam people. There were no real laws to regulate this before. Now, people at least have a path to try and get their money back.”
Q: Why is this especially important for seniors?
A: The AARP of Oklahoma says older residents are often the prime targets of these scams and are more likely to lose larger amounts of money.
AARP Statement:
“Older Oklahomans should not have to worry about criminals stealing the savings they worked so hard to accumulate for retirement.”
Q: Is this a complete solution?
A: Lawmakers say it’s a strong first step, but acknowledge it may need improvements.
Sen. Weaver:
“We may have to come back next year and look at something differently. But at least we’ve got some minimal safeguards in place to help our elderly.”
Q: When does the law take effect?
A: The law goes into effect this November.
If you or someone you know is scammed using a crypto ATM:
- Report the scam to local law enforcement and the kiosk operator within 14 days
- You may be eligible for a refund
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