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AARP Oklahoma Applauds Passage of Anti-Fraud Law to Protect Against Rampant Cryptocurrency ATM Scams
A new law to curb the growing threat of cryptocurrency ATM fraud is now law in Oklahoma. Authored by Sen. Darrell Weaver, R - Moore, and Rep. Mark Lepak, R - Claremore, Senate bill 1083 introduces vital consumer protections to help prevent Oklahomans, especially older adults, from falling victim to cryptocurrency ATM-related scams, also known as digital asset or bitcoin kiosks.
Cryptocurrency ATMs look like bank ATMs and allow people to conduct legitimate cryptocurrency transactions. However, they can also be used to carry out fraudulent activity. Scams involving cryptocurrency ATMs are on the rise. In 2024, the FBI logged more than 10,956 complaints nationwide about these kiosks, with $246.7 million stolen. Oklahomans alone lost $37.7 million to cryptocurrency-related scams, including scams related to cryptocurrency ATMs.
“Older Oklahomans should not have to worry about criminals stealing the savings they worked so hard to accumulate for retirement,” said AARP Oklahoma Volunteer State President Charlie Swinton. “This legislation provides common-sense protections that will help prevent criminals from using cryptocurrency ATMs to steal from unsuspecting residents, especially older Oklahomans who are often targeted.”
Senate Bill 1083 provides numerous safeguards to prevent criminals from using cryptocurrency ATMs to steal, including:
- Imposing daily transaction limits to avoid potential risks associated with higher transactions
- Posting fraud warning notices that are visible and identify steps people should take if they suspect fraudulent activity
- Clearly displaying terms and conditions before a transaction, including any fees charged and the exchange rate
- Giving receipts with relevant transactional information, which allows law enforcement to investigate immediately
- Providing a refund for new customers who are victims of fraud if they report it within 14 days of the transaction to the police and kiosk operator
- Requiring digital asset kiosk operators to refund kiosk fees for fraudulent transactions related to fraud
- Authorizing the Oklahoma Banking Department to require licensure in the state of Oklahoma; oversight of complaint activity and revocation of operator licensure if operators are subject of two or more consumer complaints related to fraudulent transfers that are not reimbursed
“This bill is an important step in safeguarding our residents and ensuring that digital assets empower, rather than endanger, our citizens,” said Joy McGill, AARP Oklahoma Advocacy Director. “AARP applauds our Oklahoma legislature for taking bold action and standing up for consumer safety.”
AARP Oklahoma partnered with the Oklahoma Bankers Association and had the endorsement of the Oklahoma County Sheriff Tommie Johnson and the Oklahoma County Sheriff’s Department to gain passage of Senate Bill 1083. The bill will go into effect Nov. 1, 2025.
