Beware of crypto scams

To the Editor;

It is very likely that most Mainers, even if they have never used a cryptocurrency ATM, have seen them in neighborhood grocery stores, convenience stores or liquor stores. They are easy to spot as they are designed to imitate a regular ATM.

However, it is important to know that these machines are neither FDIC insured nor regulated like bank industry ATMs. Although these machines can be used for legitimate commerce, unfortunately the cryptocurrency ATMs provide an easy conduit for criminal use.

According to the [Federal Trade Commission], nationwide fraud losses through crypto ATMs jumped nearly tenfold from 2020 to 2023 and surpassed $65 million in the first half of last year. This is why AARP Maine is in favor of the crypto ATM scam prevention bill, LD 1339, a measure that will help prevent crypto ATM scams and protect older Mainers from criminals who want to steal their life savings.

Because crypto ATMS are still relatively new and largely unregulated compared to traditional financial institutions and money service businesses, they lack sufficient consumer fraud protections. As a result, criminals use crypto ATMs to steal tens of thousands from Mainers each year through their fraudulent schemes.

We ask Mainers to join our efforts to pass LD 1339 by urging their own legislators to support this bill and stop cryptocurrency ATM scams. With the high dollar amounts being stolen via these machines from our neighbors, friends and loved ones, Maine cannot afford to wait. This bill must be passed now.

Paul Armstrong

AARP Maine Lead Advocacy Volunteer

Palermo