LINCOLN, Neb. (KLKN) — Mayor Leirion Gaylor Baird on Thursday proposed a brand new metropolis ordinance to assist stop older adults from falling sufferer to cryptocurrency fraud.
The proposed ordinance would require all companies working or offering entry to cryptocurrency ATMs to put up written notices warning customers of the potential fraud dangers related to utilizing the machines.
In accordance to Gaylor Baird, native information signifies this kind of fraud disproportionately targets older adults.
“Cryptocurrency scams could also be prevalent, however falling prey to them is preventable,” Gaylor Baird mentioned in a press launch. “This proposed ordinance exhibits how we are able to work collectively domestically to safeguard seniors from monetary fraud and cease scams earlier than they begin.”
The Lincoln Police Division began monitoring circumstances of fraud involving cryptocurrency in 2021.
Police Chief Michon Morrow mentioned 426 circumstances of cryptocurrency fraud have been reported in Lincoln since then.
She mentioned losses have totaled $11.1 million. The typical age of fraud victims in these circumstances is 56, and 42% of them are age 65 or older.
Additionally on Thursday, Morrow introduced that LPD has created a brand new place inside its Technical Investigations Unit to specialise in cryptocurrency fraud investigations.
“That new place might be a useful addition as we put together to implement the proposed City ordinance,” Morrow mentioned. “We are going to interact straight with native companies that function crypto ATMs to present steerage on posting the required warning signage to their kiosks.”
Cryptocurrency kiosks appear like conventional ATMs and are sometimes situated in gasoline stations, comfort and grocery shops, malls and different handy locations.
In accordance to the town, there are about 40 ATMs in Lincoln, about 200 in Nebraska and about 45,000 nationwide.
The ordinance is scheduled for its first studying earlier than the town council on Oct. 27. A second studying and public listening to is about for Nov. 3.
A 3rd studying and vote on the ordinance is scheduled for Nov. 17.
Pending council approval, the ordinance would take impact Jan. 16, 2026, to present time to educate companies in regards to the new regulation.
