New Oklahoma law targets Bitcoin ATM scams — here’s what you need to know

A new Oklahoma law aims to stop scammers who use cryptocurrency ATMs to steal money, especially from older adults.

Q: What’s the problem with cryptocurrency ATMs?

A: These machines, which look like regular bank ATMs, are being used by scammers to steal money. Victims are often told to deposit cash and scan a QR code, unknowingly sending the funds straight into a scammer’s digital wallet.

Q: Who’s being targeted?

A: Scammers often target older Oklahomans. Last year, a 92-year-old woman was scammed out of thousands at a Bitcoin kiosk inside Woodland Hills Mall. She was also attacked by a thief who saw her putting money in and stole the rest of her cash. Police say most of these scams are run from overseas.

Related: Suspect in assault, robbery of 92-year-old Tulsa woman arrested in Dallas

Q: What does the new law do?

A: The law introduces key safeguards:

1. Limits first-time users to $2,000 in transactions over a 72-hour period
2. Requires kiosks to be licensed and tracked by the state
3. Allows victims to seek refunds if reported within 14 days to police and the kiosk operator
4. Adds civil penalties for operators who fail to follow the rules

Q: What are lawmakers saying?

Senator Darrell Weaver, a former law enforcement officer who helped write the bill, says this is about protecting Oklahomans from being taken advantage of.

Sen. Weaver:

“You can be sued civilly if you scam people. There were no real laws to regulate this before. Now, people at least have a path to try and get their money back.”

Q: Why is this especially important for seniors?

A: The AARP of Oklahoma says older residents are often the prime targets of these scams and are more likely to lose larger amounts of money.

AARP Statement:

“Older Oklahomans should not have to worry about criminals stealing the savings they worked so hard to accumulate for retirement.”

Q: Is this a complete solution?

A: Lawmakers say it’s a strong first step, but acknowledge it may need improvements.

Sen. Weaver:

“We may have to come back next year and look at something differently. But at least we’ve got some minimal safeguards in place to help our elderly.”

Q: When does the law take effect?

A: The law goes into effect this November.

If you or someone you know is scammed using a crypto ATM:

1. Report the scam to local law enforcement and the kiosk operator within 14 days
2. You may be eligible for a refund