To the editor:

Criminals have found a new way to steal millions of dollars from older Americans. This legislative session, elected officials in Rhode Island can take action to stop them.

Cryptocurrency ATMs, also known as “crypto kiosks” or “virtual currency kiosks,” look like bank ATMs and allow people to conduct legitimate cryptocurrency transactions. However, criminals can also use them to carry out fraudulent activity. In fact, the FBI received over 5,500 reports involving crypto ATMs in 2023, totaling $189 million in stolen funds nationwide—and many more scams go unreported.
Perpetrators convince individuals that they must address an urgent financial matter, directing them to withdraw large amounts of cash—sometimes tens of thousands of dollars—from their banks. The fraud target then inserts that money into a cryptocurrency kiosk via a digital QR code, and it’s transferred to the criminal.

Rhode Island has over 120 Crypto ATMs and we counted 5 located within the Bristol/Warren area. They are not found in banks but rather in convenience stores and other commercial establishments. Therefore, caution is advised when asked to use such a device; you could lose your money quickly.

As part of its ongoing efforts to fight fraud, AARP Rhode Island supports House bill #5121 and Senate Bill #16. This important legislation will deter criminals from using crypto ATMs for fraudulent activity by creating important safety measures and consumer protections. The legislation will impose daily transaction limits on crypto kiosks and post fraud warning notices that direct people to act if they suspect fraudulent activity.

Older Rhode Islanders have worked hard to save for a secure retirement. They’re counting on our lawmakers to vote yes on House Bill #5121 and Senate Bill #16 to ensure their savings remain where they belong and not in a criminal’s digital wallet.

As these bills are reviewed by the House and Senate in this year’s legislative session we invite all Rhode Islanders to contact their local elected officials and voice your support for this important legislative issue. Contact information can be found at RIlegislature.gov.

Sandra Darling
7 Fort Hill Road, Bristol

Ms. Darling is an AARP Advocacy Volunteer