Mayor Leirion Gaylor Baird is proposing a brand new ordinance to shield older residents from turning into victims of cryptocurrency fraud. It will require all companies working or offering entry to cryptocurrency ATMs to publish written notices warning customers of the potential fraud dangers related to utilizing the machines.
Gaylor Baird says native knowledge signifies that cryptocurrency ATM fraud disproportionally targets older adults. “Cryptocurrency scams could also be prevalent, however falling prey to them is preventable. This proposed ordinance reveals how we will work collectively regionally to safeguard seniors from monetary fraud and cease scams earlier than they begin.”
LPD Police Chief Michon Morrow says they started monitoring circumstances of fraud involving cryptocurrency in 2021 and up to now there have been 426 circumstances of all sorts of fraud, not simply the circumstances associated to ATM scams. She says losses have totaled $11.1 million. The common age of fraud victims in these circumstances is 56 and 42% of them are age 65 or older.
Morrow says LPD has created a brand new place inside its Technical Investigations Unit to specialise in cryptocurrency fraud investigations. “That new place will likely be a worthwhile addition as we put together to implement the proposed Metropolis ordinance,” Morrow says. “We’ll interact immediately with native companies that function crypto ATMs to present steerage on posting the required warning signage to their kiosks.”
Cryptocurrency kiosks appear to be conventional ATMs and are usually positioned in fuel stations, comfort and grocery shops and malls. There are about 40 machines in in Lincoln, about 200 in Nebraska and about 45,000 nationwide.
The ordinance is scheduled for first studying earlier than the Metropolis Council October 27. A second studying and public listening to is scheduled for November 3. A 3rd studying and vote on the ordinance is scheduled for November 17.
If the council approves the ordinance, it will take impact January 16.
