Minnesota Moves to Ban Crypto ATMs Tied to Scams Targeting Seniors
(KNSI) — A bill banning cryptocurrency ATMs in Minnesota is headed to the governor’s desk.
Local law enforcement and financial experts have been sounding the alarm about cryptocurrency kiosks, saying they’ve become the latest tool scammers use to steal money from residents, particularly seniors.
The scam isn’t new, but the method is. The kiosks look like ordinary ATMs and can be found in gas stations and convenience stores. Victims are contacted with an urgent message, such as a grandchild in trouble or a warrant for their arrest, then directed to deposit cash into a kiosk. The money moves into an anonymous digital wallet and disappears within minutes.
Sartell Police Chief Brandon Silgjord and Jed Meyer, CEO of St. Cloud Financial Credit Union, say once the money is gone, there is virtually no way to get it back. “They use these crypto kiosks because the money is essentially untraceable and we are not able to get the refund back for them. Even if we’re contacted right away, it’s put into a digital wallet, transferred multiple times and it’s gone.”
Silgjord told KNSI bank tellers are trained to question large cash withdrawals, but a kiosk is not. “These kiosks are not monitored. They’re in vestibules of businesses. They’re in areas where people aren’t watching or even caring what transaction is happening there. And there’s really just no way to stop it.”
Minnesota’s Bureau of Criminal Apprehension estimates 80% of transactions at the state’s 350 kiosks have been fraudulent.
The law would ban the physical machines but would not affect online cryptocurrency transactions.
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