Senator’s Hilarious Attempt to Save Seniors from Crypto Scams! 😂💸

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So, Illinois Senator Dick Durbin has decided to step into the wild world of cryptocurrency ATMs, because apparently, he thinks they need a little less chaos and a lot more rules. Who knew? 🙄

Introducing the Crypto ATM Fraud Prevention Act! This legislation is like a safety net for our beloved seniors, who are apparently being targeted by scammers like they’re the last slice of pizza at a party. 🍕

According to NBC News (because where else would we get our news?), Durbin’s bill is ready to slap a cap on new users at $2,000 in daily transactions and $10,000 over a 14-day period. And if you’re a first-time user trying to go big with a $500 transaction? Well, good luck! You’ll have to chat with the ATM operator first. It’s like a bad first date, but with more money involved. 💔

Advanced scammers

Durbin is basically saying, “Hey, these scammers are getting smarter, and we need to keep up!” It’s like a game of chess, but instead of pawns, we have elderly folks being pressured into giving away their life savings. Yikes! 😱

“As our technology has evolved and become more sophisticated, so have scammers,” Durbin said. “Nefarious actors are now using intimidation and manipulation to scare Americans, particularly seniors, into dumping their life savings into cryptocurrency ATMs.” Sounds like a plot twist in a bad thriller movie, right? 🎬

Crypto ATMs are popping up everywhere—gas stations, grocery stores, you name it! It’s like they’re the new Starbucks, but instead of coffee, you’re getting scammed. The Federal Trade Commission reported a whopping $114 million in losses linked to these ATMs in 2023. That’s a lot of money for a bad investment! 💸

I’m on the Senate floor announcing new legislation—my Crypto ATM Fraud Prevention Act—to help stop fraud at crypto ATMs. Watch.

— Senator Dick Durbin (@SenatorDurbin) February 25, 2025

And let’s not forget the fraudsters who are posing as government officials. They’re like the worst kind of telemarketers, coercing victims into making payments to avoid imaginary fines. Seriously, who do they think they are? 😤

Durbin even shared a story about a Springfield store owner who had to remove a cryptocurrency ATM after seeing elderly customers depositing large sums while on the phone, looking like they were in a hostage situation. Talk about a red flag! 🚩

Some states, like Minnesota, California, and Vermont, are already putting their foot down with daily transaction limits. Durbin’s bill is just the cherry on top, allowing state regulations to stay in place as long as they’re not less strict than the federal ones. Because, you know, we need to keep our seniors safe! 🍒

Lastly, the bill would require ATM operators to create fraud prevention policies and submit them to the Financial Crimes Enforcement Network. If they don’t play nice, they could face fines of $10,000 per day. That’s a hefty price for being a bad actor! 💰

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2025-02-25 23:18