Building on similar efforts in other Nebraska cities like Lincoln, Grand Island has enforced a new ordinance requiring cryptocurrency kiosks and ATMs to display fraud warning signs, protecting residents from scams. Effective since November 20, it includes $500 daily penalties and features collaboration with AARP volunteers.
In Grand Island, Nebraska, city officials are curbing cryptocurrency fraud via Ordinance No. 10051, approved by the City Council on November 4 and effective from November 20. The ordinance adds Article III, 'Cryptocurrency Machines,' to Chapter 25 of the city code, mandating standardized fraud warning signs on all cryptocurrency kiosks, ATMs, and Bitcoin Teller Machines.
Non-compliant businesses face $500 civil penalties per day. This effort mirrors a recent initiative in Lincoln, where the Lincoln Police Department and AARP Nebraska placed warning labels ahead of a December 24 deadline. On December 19 in Grand Island, the local Police Department partnered with AARP Nebraska volunteers to visit sites, apply warning stickers, and train business owners and staff on scams like imposter schemes, fake investments, and pressured ATM use.
The measures address national trends, with the FBI reporting over $3.3 billion in U.S. crypto fraud losses in 2023. AARP data indicates adults over 60 lost $3.4 billion to fraud that year, exacerbated by crypto's irreversibility.
'We believe strong consumer protections against fraud are needed as cryptocurrency used as payment for scams is a fast-growing problem,' said Jina Ragland, senior associate state director of AARP Nebraska, noting impacts on seniors' life savings.
A resource page at www.gipolice.org/cryptoscamwarning offers reporting and prevention tips. This local action targets kiosk vulnerabilities and may inspire other cities, balancing education with crypto innovation.
