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(Iowa) -- A new Iowa law offers increased protections for victims of ATM fraud.
The law addresses fraudulent cryptocurrency ATMs that look like traditional cash machines. Instead, the ATMs allow people to purchase crypto currency. Scammers have reportedly used similar looking ATMs to get people to send money directly to perpetrators.
The new law provides multiple protections for Iowans, including:
- Refunds to those who were scammed and reported the fraud to law enforcement in 90 days
- Limits deposits or withdrawals to $1,000 per day
- Requiring cryptocurrency ATM operators to provide warnings and disclosures before a transaction
- Providing consumers a receipt which includes contact information for the operator
- Requiring operators to take reasonable steps to prevent fraud
The Des Moines Police Department says consumers in the Des Moines metro alone reported being scammed out of more than a million dollars from cryptocurrency ATMs since January of 2023