Durbin Discusses Legislation To Combat Crypto ATM Fraud In Illinois

CHICAGO —U.S. Senate Democratic Whip Dick Durbin (D-IL) today held a press conference at SEIU Healthcare alongside consumer advocates to discuss hisamendmentto legislation currently being considered in the Senate to establish federal rules for stablecoins—a form of cryptocurrency. Durbin’s amendment is based on hisCrypto ATM Fraud Prevention Act, which seeks to crack down on cryptocurrency scams by strengthening protections around crypto ATM transactions and increasing transparency from crypto ATM operators.
“Every year, crypto ATM scams harm thousands of Americans, especially the elderly, andcheat them out of their life savings,”said Durbin.“Enough is enough.I’m pushing for a vote on my amendment to theGENIUS Act,which would help prevent cryptoATM fraud and empower lawenforcement to better preventthese scams and protect our seniors.”
“Citizen Action Illinois strongly supports Senator Durbin's commonsense amendment that cracks down on cryptocurrency ATM scams. These scams prey on our most vulnerable neighbors, especially seniors, and can wipe out their entire savings,”said Anusha Thotakura, Executive Director, Citizen Action Illinois.
“Today, SEIU Healthcare of Illinois Indiana Kansas and Missouri, who represents over 90,000 care professionals in four states, proudly stands with Senator Dick Durbin in support of the legislation he is proposing to pass for protection of seniors and others who would be vulnerable and exposed to forms of scamming that could jeopardize their savings and loss of hard-earned income,”said Jaquie Algae, VP and Director of External Relations, SEIU Healthcare.
Often,crypto scammerswill contact elderly Americans, and using threats, intimidation, and fabricated backstories, coerce them into depositing large sums of money into the criminals’ crypto wallets via cryptocurrency ATMs. According to data released by the Federal Trade Commission (FTC), the amount consumers reported losing in this form of fraud increased nearly tenfold between 2020 and 2023—from $12 million to $114 million. In 2023, the FBI’s Internet Crime Complaint Center received nearly 2,700 crypto ATM fraud complaints from individuals aged 60 and older—more than all other age groups combined.
Durbin’slegislationand amendment build upon his efforts to crack down on crypto scams. In September 2024, Durbin led a group of Senate Democrats inpressingthe ten largest Bitcoin ATM operators to curb fraud against elderly Americans. The Senators wanted to understand what steps—if any—these companies were taking to prevent fraudulent use of their machines.
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