Oklahoma legislation would help victims of scammers | Opinion

Imagine an Oklahoma grandmother, savings in hand, rushing to a corner store’s cryptocurrency ATM because a voice on the phone claims her grandson is in jail. She feeds $5,000 into the machine, believing she’s saving him. Instead, she has just been robbed ― her money zapped into a scammer’s digital wallet, gone forever. This is not a rare story. It’s happening across Oklahoma, where criminals are turning cryptocurrency ATMs, also called digital asset or bitcoin kiosks, into tools for theft, draining millions from our communities.

Criminals pose as authorities, bank officials, computer tech support or even loved ones, spinning tales of urgent crises: “Your account has been hacked — send cash now!” or “Pay this fine through the ATM to avoid arrest!” The individual is then directed to insert money into a cryptocurrency ATM via QR code, where the funds are immediately transferred to the criminal’s digital asset wallet.

Thankfully, help is on the way. Senate Bill 1083 by Sen. Darrell Weaver and Rep. Mark Lepak tackles this crisis head-on. Cryptocurrency ATMs, unlike other regulated financial institutions, lack state-level fraud protections and oversight. SB 1083 adds targeted safeguards, mandating that new customers who fall victim to cryptocurrency ATM fraud may receive a refund if they report the incident within 14 days to law enforcement and the ATM operator. Additionally, it imposes daily transaction limits to mitigate the risks associated with higher transaction amounts.

Helping elderly people who are scam targets | Opinion