AARP New York State Director Beth Finkel issued the following statement following the Senate passage of legislation (S.9891-B / A.10899-C) to strengthen protections against cryptocurrency kiosk scams:
“The New York Senate has taken an important step to crack down on cryptocurrency kiosk scams that are costing older New Yorkers millions of dollars. Now the Assembly must act.
Across the state, criminals are using these machines to steal life savings in a matter of minutes. Too often, older New Yorkers are being targeted, pressured, and directed to deposit large sums nto kiosks, only to have that money disappear instantly and permanently.
The data makes clear just how serious this problem has become. Older adults account for more than 66% of reported crypto kiosk scam losses, highlighting the disproportionate toll these scams are taking on older Americans. Thousands of complaints are filed each year, with millions of dollars stolen by criminals.
This legislation would put critical safeguards in place: stronger oversight, clearer disclosures, and fraud prevention measures designed to stop scams before they happen and hold bad actors accountable.
Every day without these consumer protections means more New Yorkers could lose their retirement savings, emergency funds or hard-earned nest eggs to sophisticated criminals. We cannot allow these machines to remain an easy tool for criminals to weaponize against older New Yorkers any longer.
The Senate has done its job. The Assembly must now pass this bill and send it to the Governor’s desk to protect consumers and stop these devastating scams. New Yorkers cannot afford to wait.”
About AARP
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation’s largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.
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