Arizona Crypto ATM Scam Surge

According to Decrypt, due to a surge in cryptocurrency ATM scams targeting the elderly, Arizona Attorney General Kris Mayes issued an emergency warning this Monday and launched a new fraud complaint form for victims, advising them to report losses within 30 days to increase the chances of recovering funds.

Data shows that in 2024 alone, Arizona residents lost over $177 million due to cryptocurrency ATM scams. Nationwide, losses related to cryptocurrency ATM scams reached $246 million in 2024, with approximately 43% of victims aged 60 and older. Mayes warned that anyone instructing consumers to use cryptocurrency ATMs is "very likely" committing fraud.

Scammers often impersonate law enforcement, utility companies, or distressed relatives, pressuring victims through urgent phone calls or text messages to withdraw cash and deposit it into cryptocurrency ATMs. In response to this issue, Arizona enacted a law in 2025 to regulate approximately 600 cryptocurrency ATMs in the state, requiring operators to display multilingual fraud warnings, provide 24/7 real-time customer support, and set transaction limits (new customers $2,000 per day, existing users $10,500 per day). Mayes emphasized that no legitimate company or government agency would ask for deposits through cryptocurrency ATMs.