according to the website - By Cryptopolitan_News

Currently, Wisconsin is considering new laws to protect its residents from the threat of cryptocurrency fraud. Reports indicate that Wisconsin residents have lost thousands of dollars due to the growing number of cryptocurrency fraud schemes, highlighting the need for more effective regulation aimed at preventing further losses.
The sheriff's office in central Wisconsin also discussed the rise of Bitcoin-related fraud in the region, noting that one person lost up to $40,000 in one instance. “These measures will only ensure the financial security of our community, and we are very pleased that someone is moving in this direction,” said Lieutenant Investigator Scott Goldberg.
Wisconsin is preparing to introduce new laws to combat cryptocurrency fraud.
According to the new bill, cryptocurrency ATMs are expected to be restricted. This means that if someone loses funds through one of these ATMs, the cryptocurrency company will refund the victim's money. Additionally, the proposed new law will require every company issuing cryptocurrency terminals to post warnings about fraudulent transactions. Under the bill, only $1,000 in BTC can be sent per day, and fees charged by cryptocurrency companies will be reduced for each transaction.
In recent years, cryptocurrency fraud has increased, and fraud prevention experts note that cryptocurrency ATMs are one of the favorite tools that scammers now use for their crimes. This is because these devices do not undergo the same regulatory procedures as traditional ATMs, and victims are not insured against losses.
“Refunds are impossible, and this makes such situations really very difficult,” said Scott Reader, loss prevention manager at UW Credit Union. “You can file police reports, but it's a dead end. There are so many incidents that there are no resources even to attempt to recover these funds.” According to the FBI, over the past year, victims of cryptocurrency ATM fraud have lost about $247 million. The report also stated that the number of complaints received by the FBI in 2024 regarding cryptocurrency ATM fraud has doubled.
“Five years ago, we hardly heard about such cases, and since then their number has been steadily increasing and becoming more widespread,” said Reader. According to authorities, a West Allis resident, who wished to remain anonymous for privacy reasons, lost $850 as a result of cryptocurrency ATM fraud. Authorities claim that the woman received a call from a man impersonating a police officer, with a warrant for her arrest.
The woman recounted that the man claimed she had failed to appear in court, noting that this could have been due to her elderly mother losing the summons. “My mom has Alzheimer's disease, and when he named the signature — he couldn't decipher it — I thought it was my mom's signature. So I immediately believed him,” she said. She added that she tried to investigate this claim, but every time she asked him questions, he invariably hinted at her potential imprisonment.
She added that the scammer provided fake court documents to support his claims, asking her to clarify the situation by paying the fees owed. To avoid arrest, the man said she needed to transfer money from the nearest cryptocurrency ATM. “I knew nothing about Bitcoin,” said Amy. “I put in the money, and when I returned to the car, he started saying he forgot something and wanted more money. That's when I snapped and hung up. And then I realized I had been scammed.”
State Representative Ryan Spod, who, along with Senator Kelda Roys, drafted the bill, stated that if all provisions of the bill are implemented, the number of cryptocurrency ATM fraud cases will sharply decrease. “Cryptocurrency is already here and being actively used, and we need to take action to prevent fraud against Wisconsin residents,” said Roys. The Wisconsin legislature is largely controlled by Republicans, and without their support, the bill may not become law.
The next step for the bill's authors is to find co-authors and hope for bipartisan support for cryptocurrency ATM regulation. Meanwhile, Reader has reached out to Wisconsin residents with a warning, urging them to stop and think before sending money to someone they have never met before, using a cryptocurrency ATM, under any circumstances. “If something seems nonsensical, slow down. Ask for advice. Ask your financial advisor: ‘Hey, does this make sense?’” he said.
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