May 26, 2026

Update on states and cities that have banned crypto ATMs

Update on states and cities that have banned crypto ATMs
iHeartRadio podcast player iconAmazon Music podcast player iconApple Podcasts podcast player iconPandora podcast player iconPodchaser podcast player iconAudible podcast player iconSpotify podcast player iconDeezer podcast player iconSpreaker podcast player iconPodcast Addict podcast player iconYoutube Music podcast player iconYouTube podcast player iconCastbox podcast player iconCastamatic podcast player iconCastro podcast player iconFountain podcast player iconGoodpods podcast player iconOvercast podcast player iconRSS Feed podcast player iconPocketCasts podcast player iconPodimo podcast player iconPodurama podcast player icon
iHeartRadio podcast player iconAmazon Music podcast player iconApple Podcasts podcast player iconPandora podcast player iconPodchaser podcast player iconAudible podcast player iconSpotify podcast player iconDeezer podcast player iconSpreaker podcast player iconPodcast Addict podcast player iconYoutube Music podcast player iconYouTube podcast player iconCastbox podcast player iconCastamatic podcast player iconCastro podcast player iconFountain podcast player iconGoodpods podcast player iconOvercast podcast player iconRSS Feed podcast player iconPocketCasts podcast player iconPodimo podcast player iconPodurama podcast player icon

If someone ever sends you to a cryptocurrency ATM, it is almost always a scam. Any legitimate company, financial institution, or government agency will not demand this method of payment. To combat scams related to these machines, numerous towns, cities, and states across our country have enacted bans on cryptocurrency ATMs.

Let’s Talk About Scams is broadcast live Tuesdays at 8AM PT on K4HD Radio - Hollywood Talk Radio (www.k4hd.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Let’s Talk About Scams TV Show is viewed on Talk 4 TV (www.talk4tv.com).

Let’s Talk About Scams Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

Disclaimer: The information contained in this podcast is intended for informational purposes only and is not a substitute for individual professional / legal advice. The podcast information was carefully compiled from vetted sources and references; however, R.O.S.E. Resources / Outreach to Safeguard the Elderly cannot guarantee that you will not fall victim to a scam.

Become a supporter of this podcast: https://www.spreaker.com/podcast/let-s-talk-about-scams--6483699/support.

WEBVTT

1
00:00:01.040 --> 00:00:04.639
This program is designed to provide general information with regards

2
00:00:04.639 --> 00:00:07.599
to the subject matters covered. This information is given with

3
00:00:07.679 --> 00:00:12.039
the understanding that neither the hosts, guests, sponsors, or station

4
00:00:12.240 --> 00:00:17.440
are engaged in rendering any specific and personal medical, financial,

5
00:00:17.800 --> 00:00:22.760
legal counseling, professional service, or any advice. You should seek

6
00:00:22.800 --> 00:00:26.879
the services of competent professionals before applying or trying any

7
00:00:27.000 --> 00:00:32.280
suggested ideas next. The information contained in this podcast is

8
00:00:32.320 --> 00:00:35.920
intended for informational purposes only and is not a substitute

9
00:00:35.960 --> 00:00:40.000
for individual professional legal advice. The podcast information was carefully

10
00:00:40.000 --> 00:00:44.439
compiled from vetted sources and references. However, Rose resources outreach

11
00:00:44.520 --> 00:00:47.320
to safeguard the elderly cannot guarantee that you will not

12
00:00:47.439 --> 00:00:52.280
fall victim to a scam. Let's talk about scams. It's

13
00:00:52.560 --> 00:00:56.039
the must listen show for anyone who wants to protect

14
00:00:56.079 --> 00:01:00.640
themselves and their loved ones from scams. Every Tuesday am

15
00:01:00.799 --> 00:01:05.159
Pacific time on K four HD Radio, Joyce Petrowski, founder

16
00:01:05.200 --> 00:01:09.599
of Rose, and her guests will provide valuable insights and

17
00:01:09.760 --> 00:01:14.599
practical tips on how to recognize and protect yourself from scams.

18
00:01:14.879 --> 00:01:18.640
And now here is your host, Joyce Petrowski.

19
00:01:20.000 --> 00:01:23.599
Good morning, everybody, My name is Brian Watson, community outreach

20
00:01:23.680 --> 00:01:28.560
specialist for Rose Resources Outreached to safeguard the elderly, and

21
00:01:28.840 --> 00:01:31.319
I am filling in for Joyce today. She will be

22
00:01:31.359 --> 00:01:35.120
back next week. I appreciate the trust Joyce gives me

23
00:01:35.400 --> 00:01:39.959
in spending some time with all of our viewers and listeners.

24
00:01:40.799 --> 00:01:44.879
We are here to prevent people from getting scammed in

25
00:01:44.959 --> 00:01:48.920
the first place, and it's a tough job for all

26
00:01:48.920 --> 00:01:52.239
of us out there in the world because these scammers

27
00:01:52.239 --> 00:01:56.560
are really really good. Every week, every month, I hear

28
00:01:56.799 --> 00:02:01.719
stories of very smart people getting targeted by these very

29
00:02:01.760 --> 00:02:07.640
talented scammers, and you know, they're horrible people and they're

30
00:02:07.680 --> 00:02:12.319
coming after us. And our goal is for you to

31
00:02:12.639 --> 00:02:17.400
recognize the psychological pressure that they put on us, put

32
00:02:17.439 --> 00:02:20.439
on you, identify that it's a scam, and just be

33
00:02:20.560 --> 00:02:23.919
willing to hang up that phone, delete that email, and

34
00:02:23.960 --> 00:02:27.639
go talk to someone else. So today's topic is an

35
00:02:27.719 --> 00:02:32.719
update on states and cities that have banned cryptocurrency ATMs.

36
00:02:33.280 --> 00:02:35.439
So before we jump into that, I want to just

37
00:02:35.520 --> 00:02:40.800
do a review of a cryptocurrency ATMs. What they are.

38
00:02:41.439 --> 00:02:43.960
You know, yesterday I actually spoke to a friend of

39
00:02:44.000 --> 00:02:47.680
mine from college and I asked him if he knew

40
00:02:47.680 --> 00:02:51.840
what a cryptocurrency ATM was and he didn't. And you know,

41
00:02:51.960 --> 00:02:55.080
this is a smart guy who you know, handles his

42
00:02:55.199 --> 00:02:58.360
finances and you know he knows what's going on. And

43
00:02:59.240 --> 00:03:02.759
if my friend and didn't know what a cryptocurrency ATM is,

44
00:03:03.520 --> 00:03:06.240
you know that means most people don't. So let's just

45
00:03:06.280 --> 00:03:09.599
do a review. So I told this story last year.

46
00:03:09.599 --> 00:03:13.120
I want to share it again. I was last fall.

47
00:03:13.199 --> 00:03:16.240
I was up in northern Arizona. I happened to be

48
00:03:16.280 --> 00:03:20.080
in a town where I was giving a fraud prevention

49
00:03:20.240 --> 00:03:24.039
presentation that was actually being held at the local mall

50
00:03:24.520 --> 00:03:27.360
at a business there. And as I walked into the

51
00:03:27.439 --> 00:03:32.800
main doors of the mall, right in that open area,

52
00:03:32.879 --> 00:03:38.759
there was this machine that hot my eye and it

53
00:03:38.840 --> 00:03:42.000
was black and yellow and the yellow just popped. It

54
00:03:42.039 --> 00:03:45.919
was really bright colored, and it was this machine. It

55
00:03:45.960 --> 00:03:51.319
looks like an ATM, but this wasn't an ordinary ATM.

56
00:03:51.439 --> 00:03:55.240
It's what we call a cryptocurrency ATM. And it's hard

57
00:03:55.240 --> 00:03:58.240
to mix because you walked right into the mall. And

58
00:03:58.680 --> 00:04:02.360
I was interested because I work part time for Rose

59
00:04:02.599 --> 00:04:05.439
and I'm in the fraud prevention business, so I need

60
00:04:05.479 --> 00:04:08.159
to know about these things. I walked up. I was

61
00:04:08.280 --> 00:04:12.599
very curious, started looking at this machine, you know, checking

62
00:04:12.680 --> 00:04:14.919
it out, and this gentleman came up to me and

63
00:04:15.800 --> 00:04:17.560
asked if I was going to put money into it

64
00:04:17.639 --> 00:04:20.680
and get scammed. And I said no, no, no, no, no,

65
00:04:20.680 --> 00:04:25.199
no no. I warned people about scams. I don't get scammed.

66
00:04:25.199 --> 00:04:28.920
And then he started to tell me that he looks

67
00:04:28.959 --> 00:04:32.720
out for his local citizens. He works at the mall

68
00:04:33.279 --> 00:04:37.199
and he just keeps his eye out for people walking

69
00:04:37.199 --> 00:04:40.319
in and he can tell when someone's under stress and

70
00:04:40.399 --> 00:04:43.079
panicking and on the phone with someone with a bag

71
00:04:43.120 --> 00:04:46.720
of cash, and he intervenes. And I was very proud

72
00:04:46.720 --> 00:04:51.000
of this guy. But that's what cryptoatms are. They are

73
00:04:51.879 --> 00:04:58.240
a way that scammers steal from us, and they're absolutely horrible.

74
00:04:59.120 --> 00:05:01.680
And you'll tell I don't hide my feelings about these

75
00:05:01.680 --> 00:05:05.639
cryptocurrency ATMs. I have no problem with people buying and

76
00:05:05.680 --> 00:05:09.319
selling cryptocurrency. It's the wave of the future. It's not

77
00:05:09.439 --> 00:05:12.800
going anywhere soon. But these ATMs are bad for several

78
00:05:12.800 --> 00:05:18.920
particular reasons, because the scammers love them. Scammers can be

79
00:05:18.959 --> 00:05:21.759
anywhere in the world, and with the Internet, they can

80
00:05:21.839 --> 00:05:26.040
find a cryptocurrency ATM that's very close to the person

81
00:05:26.120 --> 00:05:28.319
that they're scamming. So what are the Some of the

82
00:05:28.360 --> 00:05:32.240
scams that they might send you to a cryptocurrency ATM.

83
00:05:32.279 --> 00:05:35.480
The big one is a bank impersonation scam. They'll call

84
00:05:35.519 --> 00:05:39.240
you up. They'll say we're from your local bank. Your

85
00:05:39.319 --> 00:05:42.079
money's not safe. You need to put it somewhere where

86
00:05:42.079 --> 00:05:45.759
it'll be protected. They'll text you a QR code to

87
00:05:45.879 --> 00:05:49.240
your cell phone. They'll give you the exact location of

88
00:05:49.240 --> 00:05:53.360
a cryptocurrency ATM. You scam that QR code at this

89
00:05:53.839 --> 00:05:57.079
crypto ATM and you insert cash, you lose your money.

90
00:05:57.160 --> 00:06:01.000
It's a horrible scam. Another one is the text report scam.

91
00:06:01.519 --> 00:06:05.959
They'll call up. There's all kinds of variations, but they

92
00:06:06.040 --> 00:06:09.720
might say, you know you're due for a refund for

93
00:06:09.839 --> 00:06:13.920
this particular service, but you have to request the refund.

94
00:06:15.399 --> 00:06:18.240
You punch in the number on your screen, thinking you're

95
00:06:18.279 --> 00:06:21.160
getting a refund, but they actually manipulate it so it

96
00:06:21.199 --> 00:06:25.439
looks like you've got an overpayment. They demand the overpayment again,

97
00:06:25.519 --> 00:06:29.680
they send you to a cryptocurrency ATM. The other one

98
00:06:29.759 --> 00:06:32.279
is pig butchering. Joyce and I have talked a lot

99
00:06:32.360 --> 00:06:35.959
about pig butchering. Horrible term. I don't like it, but

100
00:06:36.000 --> 00:06:40.160
it gets people's attention. Several of our podcasts have covered

101
00:06:41.759 --> 00:06:46.959
pig butchering. It's a long play scam. The person on

102
00:06:47.000 --> 00:06:50.879
the other end develops a relationship with you and at

103
00:06:50.879 --> 00:06:55.079
a certain point floats the idea of buying or selling

104
00:06:55.079 --> 00:07:01.920
a cryptocurrency, and they get you to to quote invest

105
00:07:02.079 --> 00:07:05.839
but you're really not investing. You're just losing. And what

106
00:07:05.879 --> 00:07:10.040
they do is they facilitate facilitate this pig butchering scheme

107
00:07:10.079 --> 00:07:14.800
by sending you to a cryptocurrency atm nearby. It could

108
00:07:14.839 --> 00:07:17.839
be at a grocery store, it could be at a

109
00:07:17.879 --> 00:07:22.120
liquor store, convenience store, smoke shop, at a mall, like

110
00:07:22.199 --> 00:07:25.839
I said, at the mall, anywhere, and they will provide

111
00:07:25.879 --> 00:07:28.680
you a QR code and you start putting that cash

112
00:07:28.720 --> 00:07:33.040
in thinking you're investing, but you're not. You're just losing.

113
00:07:33.399 --> 00:07:35.480
And then the last one I want to highlight today

114
00:07:36.000 --> 00:07:38.560
is the jury duty scam. You know, this thing has

115
00:07:38.639 --> 00:07:41.920
been around for twenty or thirty years. It's just a

116
00:07:41.920 --> 00:07:46.519
phone call from a scammer pretending to be a deputy

117
00:07:46.639 --> 00:07:51.079
from the local sheriff's office sheriff's department saying you didn't

118
00:07:51.079 --> 00:07:54.480
show up for jury duty, and this one's back. I

119
00:07:54.519 --> 00:07:57.879
have talked to three people in the last two months

120
00:07:57.959 --> 00:08:01.639
or so that have received the call for the jury

121
00:08:01.720 --> 00:08:06.399
duty scam. And when I talked to these new friends

122
00:08:06.399 --> 00:08:10.519
of mine, they told me they were contacted, convinced they

123
00:08:10.560 --> 00:08:12.959
didn't show up for jury duty, and they had two

124
00:08:13.000 --> 00:08:16.160
bad choices, pay a big fine or go to jail. Well,

125
00:08:16.199 --> 00:08:19.439
of course they say, I'll just pay the fine, and

126
00:08:19.480 --> 00:08:23.720
then they're directed to a cryptocurrency ATM nearby. So everybody

127
00:08:23.720 --> 00:08:26.759
out there and radio land, do you catch what's going on.

128
00:08:27.439 --> 00:08:31.000
If you're being sent to a cryptocurrency ATM, it is

129
00:08:31.319 --> 00:08:37.559
almost always a scam. There's no legitimate company, no financial institution,

130
00:08:38.279 --> 00:08:41.639
no government agency that's going to demand this form of payment.

131
00:08:42.679 --> 00:08:45.759
And we understand it is tough. When you get that

132
00:08:45.879 --> 00:08:50.440
phone call and they sound professional and your option is

133
00:08:50.480 --> 00:08:54.279
paying a fine or going to jail. It is stressful.

134
00:08:54.720 --> 00:08:57.120
So that's why we have to talk about it right now.

135
00:08:57.159 --> 00:09:01.799
What would you do? You know what I tell people,

136
00:09:02.480 --> 00:09:05.120
You've got to have an escape plan. And I'm telling

137
00:09:05.159 --> 00:09:08.320
you right now it's okay to lie, just if you're

138
00:09:08.360 --> 00:09:10.240
on the phone and you don't like where it's going.

139
00:09:10.519 --> 00:09:12.879
Hanging up, and if you're not, if you're someone who

140
00:09:12.879 --> 00:09:15.320
can't hang up, just make up a lie. We call

141
00:09:15.360 --> 00:09:18.320
it a white lie. Just say I got someone in

142
00:09:18.440 --> 00:09:21.200
might at the door, I got food in the oven,

143
00:09:21.960 --> 00:09:25.840
I have I have company, I'm expecting a phone call.

144
00:09:26.759 --> 00:09:29.519
Just be mentally prepared to give yourself that break and

145
00:09:29.559 --> 00:09:32.960
talk to someone else, because these scammers will not let

146
00:09:32.960 --> 00:09:34.720
you do that. They will keep you on the phone

147
00:09:34.759 --> 00:09:40.039
while they're scamming. So we talked about cryptocurrency ATMs. They

148
00:09:40.080 --> 00:09:44.240
look like regular ATMs. You put cash into them, you

149
00:09:44.360 --> 00:09:47.159
think you're paying off a fine or you're investing, but

150
00:09:47.200 --> 00:09:51.480
you're really just losing your money. So what what has

151
00:09:51.519 --> 00:09:55.480
been going on? You know, our government sitting back and

152
00:09:55.600 --> 00:09:59.240
just doing nothing. No, there I'm going to today. I'm

153
00:09:59.240 --> 00:10:01.879
going to talk about so several cities and states that

154
00:10:01.960 --> 00:10:06.039
have taken a proactive approach because they want to protect

155
00:10:06.080 --> 00:10:09.200
their citizens. So first I want to talk about is

156
00:10:09.240 --> 00:10:15.639
the state of Iowa. The Iowa Attorney General's office kept

157
00:10:15.639 --> 00:10:21.360
receiving complaints about these cryptocurrency machines, so they initiated a

158
00:10:22.159 --> 00:10:26.759
one of a kind investigation into cryptocurrency ATMs, and they

159
00:10:26.799 --> 00:10:29.000
wanted to see, you know, are they as bad as

160
00:10:29.039 --> 00:10:32.440
they actually are. So this investigation started in October of

161
00:10:32.440 --> 00:10:37.759
twenty twenty three and the Attorney General's Office issued subpoenas

162
00:10:38.360 --> 00:10:41.639
to fourteen crypto ATM companies. There's a lot of them

163
00:10:41.679 --> 00:10:46.879
out there, and the subpoenas are basically a legal demand.

164
00:10:47.240 --> 00:10:52.240
They wanted information for all the transactions conducted and it

165
00:10:52.320 --> 00:10:56.399
was over a several year period for Iowa residents. And

166
00:10:57.039 --> 00:11:01.039
they also the investigators for the Attorney General's Office also

167
00:11:01.200 --> 00:11:05.399
emailed and called hundreds of Iowa residents who had made

168
00:11:05.480 --> 00:11:10.000
transactions through these cryptocurrency ATMs, and you know, they gathered

169
00:11:10.039 --> 00:11:13.279
police reports, consumer complaints, all the self report. They did

170
00:11:13.320 --> 00:11:16.559
a full on, full blown investigation, which I'm very impressed.

171
00:11:16.799 --> 00:11:21.360
As a former special agent with the government, I love investigations.

172
00:11:21.399 --> 00:11:23.320
They take a lot of time and a lot of work,

173
00:11:24.000 --> 00:11:28.759
but they show what really happens. So what was the

174
00:11:28.799 --> 00:11:33.799
result of this investigation. Iowa residents lost at least twenty

175
00:11:33.799 --> 00:11:38.919
million dollars in transactions from just two companies alone, and

176
00:11:38.960 --> 00:11:43.080
the investigation found that ninety four to ninety eight percent

177
00:11:43.519 --> 00:11:48.639
of the money that Iowa residents reported sending through ATMs

178
00:11:48.639 --> 00:11:52.200
were scams. Let me repeat that, ninety four to ninety

179
00:11:52.200 --> 00:11:55.879
eight percent of the money sent through these crypto ATMs

180
00:11:56.039 --> 00:11:59.559
was a scam, and no surprise to us here at Rose,

181
00:12:00.320 --> 00:12:04.600
most of the victims and ATM users were above the

182
00:12:04.600 --> 00:12:07.320
age of sixty, what we call older adults, and that

183
00:12:07.440 --> 00:12:11.200
is our passionate Rose. Everyone gets scammed, but as we

184
00:12:11.240 --> 00:12:16.039
get older, we lose more money, and the numbers don't

185
00:12:16.080 --> 00:12:19.000
lie about that. So kudos to the state of Iowa.

186
00:12:19.600 --> 00:12:22.879
They saw a problem and they took action, and they

187
00:12:23.000 --> 00:12:28.120
showed through financial records that this is a scam. This

188
00:12:28.240 --> 00:12:31.039
is not anecdotal, this is not my you know, one

189
00:12:31.799 --> 00:12:34.759
case of someone getting ripped off. We're talking ninety four

190
00:12:34.799 --> 00:12:38.600
to ninety eight percent scam scam rate. So other cities

191
00:12:38.639 --> 00:12:45.720
and states have tackled it as well. The Stillwater, Minnesota,

192
00:12:46.480 --> 00:12:51.440
Saint Paul, Minnesota, and Spokane, Washington are three of the

193
00:12:51.559 --> 00:12:58.399
municipalities that banned cryptocurrency ATMs. There were also towns in Massachusetts. Now,

194
00:12:58.919 --> 00:13:02.840
they're kind of brave because these companies out there, you know,

195
00:13:03.879 --> 00:13:06.639
they make a lot of money on these machines. They're profitable,

196
00:13:06.720 --> 00:13:10.159
and of course you know, they got sued and I've

197
00:13:10.200 --> 00:13:15.320
spoken to some people from these these municipalities and they

198
00:13:15.320 --> 00:13:17.000
told me what they did, and like I said, they

199
00:13:17.000 --> 00:13:21.519
were very brave because they saw their citizens losing money.

200
00:13:21.960 --> 00:13:25.840
And then when we want to talk about states, in March,

201
00:13:26.159 --> 00:13:29.120
the state of Indiana became the first state to ban

202
00:13:29.279 --> 00:13:35.440
cryptocurrency ATMs and kiosks in their entire state. They passed

203
00:13:35.480 --> 00:13:40.840
legislation making operating a cryptocurrency ATM in the state a

204
00:13:40.960 --> 00:13:46.480
deceptive act, which enabled the Attorney General from the State

205
00:13:46.519 --> 00:13:50.000
of Indiana to pursue legal action against the operators and

206
00:13:50.039 --> 00:13:57.360
property owners. And get this, Indiana has nine hundred cryptocurrency ATMs.

207
00:13:57.600 --> 00:13:58.879
You know, I thought we had a lot of them

208
00:13:58.879 --> 00:14:02.919
in Arizona with six hundred. Indiana's got nine hundred. And

209
00:14:03.000 --> 00:14:07.679
you know these these cryptocurrency ATMs are located at supermarkets,

210
00:14:07.679 --> 00:14:13.799
convenience stores, gas stations. So congratulations Indiana, you took the lead,

211
00:14:14.799 --> 00:14:17.559
and I'm hoping other states will follow. And in fact,

212
00:14:17.639 --> 00:14:23.639
the second state to ban cryptocurrency ATMs or cryptocurrency kiosks,

213
00:14:23.679 --> 00:14:28.679
they're kind of a synonymous name. In May, legislation was

214
00:14:28.720 --> 00:14:33.279
signed by their governor making the installation or operation of

215
00:14:33.279 --> 00:14:37.919
a crypto ATM a misdemeanor and that is effective July first,

216
00:14:37.919 --> 00:14:42.759
So we're about a month away from that, so will

217
00:14:42.799 --> 00:14:47.919
other states follow probably, I'm guessing so. But congratulations to

218
00:14:47.960 --> 00:14:51.919
those two two states for protecting their people. And then

219
00:14:51.960 --> 00:14:55.000
here's some very recent news on May eighteenth, So just

220
00:14:55.120 --> 00:14:59.159
last week, Bitcoin Depot, which is a US based bitcoin

221
00:14:59.240 --> 00:15:05.519
ATM operation, announced that it initiated a voluntary Chapter eleven

222
00:15:05.639 --> 00:15:09.360
process in the US Bankruptcy Court in the Southern District

223
00:15:09.440 --> 00:15:13.360
of Texas. So they basically are filing for bankruptcy and

224
00:15:13.519 --> 00:15:17.000
basically it's it's their plan is to do an orderly

225
00:15:17.039 --> 00:15:20.919
wind down of the company's operation and facilitate a sale

226
00:15:20.919 --> 00:15:26.000
of his assets. So, you know, when states and cities

227
00:15:26.480 --> 00:15:32.039
and towns start banning these crypto ATMs, the crypto ATM operators,

228
00:15:31.879 --> 00:15:35.639
it makes their business a lot harder to use. So

229
00:15:36.799 --> 00:15:40.840
to play Devil's advocate today, you know, what are the

230
00:15:41.000 --> 00:15:47.480
arguments in favor of these cryptocurrency ATMs, because until recently

231
00:15:47.519 --> 00:15:51.600
they were legal in all fifty states. And the biggest

232
00:15:52.440 --> 00:15:56.399
answer that the proponents of these machines give is, you know,

233
00:15:56.480 --> 00:16:00.679
some people are unbanked, meaning they don't have a bank account.

234
00:16:01.960 --> 00:16:04.320
They don't you know, they don't have one of the

235
00:16:04.360 --> 00:16:06.840
big banks or credit union or something like that to

236
00:16:06.879 --> 00:16:10.039
do that, you know, and there's reasons for that. Some

237
00:16:10.080 --> 00:16:16.600
people don't operate their bank account properly. They bounce checks,

238
00:16:16.759 --> 00:16:20.240
they have non sufficient funds, they do things where the

239
00:16:20.279 --> 00:16:22.519
bank does not want to deal with them. So it's

240
00:16:22.519 --> 00:16:25.879
a small percentage of people. So, you know, I get

241
00:16:25.879 --> 00:16:28.279
that everyone. You know, you got to pay your bills,

242
00:16:28.320 --> 00:16:31.039
and there's some people who can't. And then the second

243
00:16:31.039 --> 00:16:34.080
big argument they make is there's a lot of people

244
00:16:34.120 --> 00:16:38.399
who deal with cash, gig workers, people who are tipped employees,

245
00:16:38.879 --> 00:16:41.039
or even migrant workers, people who are here in the

246
00:16:41.120 --> 00:16:43.960
United States and they're sending money back to their home country.

247
00:16:45.360 --> 00:16:49.399
You know, they can convert cash into cryptocurrency and easily

248
00:16:49.919 --> 00:16:53.399
send money to a friends and family. But here's the deal.

249
00:16:53.840 --> 00:16:57.639
I reject these arguments, and I'll tell you why. These

250
00:16:57.679 --> 00:17:03.159
machines are a bad business deal for anyone using them.

251
00:17:03.320 --> 00:17:07.519
These machines carry a twenty to thirty percent markup over

252
00:17:07.599 --> 00:17:11.279
market rates, so when you're buying cryptocurrency, you're getting a

253
00:17:11.319 --> 00:17:16.200
really bad deal. And really it's a form of predatory banking.

254
00:17:16.440 --> 00:17:18.359
So let me give you an example. If you put

255
00:17:18.400 --> 00:17:24.000
one hundred dollars of cash into a cryptocurrency ATM. On average,

256
00:17:24.119 --> 00:17:27.039
it depends on the machine, depends on the company. You

257
00:17:27.079 --> 00:17:31.480
may only get about seventy five dollars of cryptocurrency, so

258
00:17:31.559 --> 00:17:35.519
you're already losing money. It's a horrible deal. It's kind

259
00:17:35.559 --> 00:17:40.160
of like using a cash ATM at a casino when

260
00:17:40.160 --> 00:17:43.039
you're desperate for money. You know you're going to be

261
00:17:43.039 --> 00:17:46.799
paying fees for the casinos ATM is going to charge

262
00:17:46.799 --> 00:17:48.799
you a fee, Your bank's going to charge you a fee,

263
00:17:48.839 --> 00:17:52.240
and it's just a horrible deal. You know, you're much

264
00:17:52.279 --> 00:17:55.319
better off of getting cash ahead of time, or finding

265
00:17:55.920 --> 00:17:59.720
cash where there's no fees. Here's the deal. If you

266
00:17:59.799 --> 00:18:04.000
really want to buy cryptocurrency, you can do it at home.

267
00:18:05.279 --> 00:18:07.880
You can do it on your laptop, your desktop, you

268
00:18:07.920 --> 00:18:10.240
can do it from your phone and do it directly

269
00:18:10.400 --> 00:18:13.559
out of your bank account. And you know they make

270
00:18:13.599 --> 00:18:15.720
the argument about the unbanked, Well what if I don't

271
00:18:15.720 --> 00:18:17.599
have a bank account, I don't want to buy it

272
00:18:17.839 --> 00:18:20.680
and I want crypto. I don't know, man, if you're

273
00:18:21.000 --> 00:18:22.839
if you don't have money in your bank and you're

274
00:18:23.039 --> 00:18:24.599
you don't have a bank account, I don't know if

275
00:18:24.720 --> 00:18:29.160
using cryptos is the best method. So, like I said,

276
00:18:29.359 --> 00:18:30.880
I think you can all tell I'm not a fan

277
00:18:30.920 --> 00:18:33.920
of these cryptocurrency ATMs because I have met too many

278
00:18:33.960 --> 00:18:37.640
people that have been scammed, plus all the people I

279
00:18:37.680 --> 00:18:40.720
haven't met out there that have been scammed. So I

280
00:18:40.759 --> 00:18:43.359
teach a I teach a class at the University Arizona,

281
00:18:44.160 --> 00:18:46.680
and last year I had a guest and he was

282
00:18:46.839 --> 00:18:53.119
a investigator who specializes in cyber investigations for his agency.

283
00:18:54.079 --> 00:18:56.519
And I asked his opinion, what do you think of

284
00:18:56.599 --> 00:19:01.480
cryptocurrency ATM? So what do you know? Are what's your opinion?

285
00:19:02.240 --> 00:19:03.920
And he looked at the class, and he looked at

286
00:19:03.960 --> 00:19:06.480
me and he said, you know what, if I was

287
00:19:07.160 --> 00:19:12.400
a detective for a local police department or sheriff's office,

288
00:19:12.440 --> 00:19:14.799
and I didn't have any cases, I would go and

289
00:19:14.839 --> 00:19:19.480
park my car right in front of this convenience store

290
00:19:19.519 --> 00:19:23.519
where a cryptocurrency ATM was, and I'd watch people going

291
00:19:23.559 --> 00:19:25.960
in and using it, and then I would record their

292
00:19:26.000 --> 00:19:30.119
license plate. And he basically said, everyone using this thing

293
00:19:30.440 --> 00:19:35.200
is either a criminal depositing proceeds from like drugs or

294
00:19:35.240 --> 00:19:40.440
stolen property, or they're victim. He goes, he's not a

295
00:19:40.480 --> 00:19:43.519
fan of them at all. So look, here's a guy

296
00:19:43.519 --> 00:19:50.240
who's doing these investigations. He sees that these currency ATMs

297
00:19:50.839 --> 00:19:57.480
just facilitate crime. So just remember, if you ever get

298
00:19:57.519 --> 00:20:02.039
sent to a cryptocurrency ATM against your will, someone's pressing you,

299
00:20:02.319 --> 00:20:04.960
it is a scam. If you find yourself at a

300
00:20:05.000 --> 00:20:08.920
convenience store or grocery store at the mall and you

301
00:20:09.000 --> 00:20:12.079
see someone stressing out in front of one of these machines,

302
00:20:12.599 --> 00:20:16.240
go ask them, are you okay? You know what's going on?

303
00:20:16.400 --> 00:20:19.599
If they say, you know, I didn't pay my jury duty,

304
00:20:19.920 --> 00:20:21.720
I didn't go to jury duty and there's a fine,

305
00:20:22.160 --> 00:20:24.319
tell them it's a scam. Tell them to walk away.

306
00:20:24.440 --> 00:20:27.640
You will be doing the right thing. You're like a

307
00:20:27.680 --> 00:20:31.640
good samaritan. You're helping out your fellow man who's in

308
00:20:31.680 --> 00:20:35.920
their time of need. So to close out today, just

309
00:20:36.039 --> 00:20:40.640
reminder we don't want people to live in fear, but

310
00:20:40.720 --> 00:20:44.359
we do want you to have a healthy level of skepticism.

311
00:20:45.279 --> 00:20:50.160
Any email you get, any phone call, any text, any

312
00:20:50.519 --> 00:20:55.880
message on social media, just ask yourself, is this a scam?

313
00:20:55.920 --> 00:20:59.039
Am I being pressured? You know, I'm not one hund

314
00:20:59.079 --> 00:21:03.880
percent sure by yourself some time and that interaction, I

315
00:21:03.920 --> 00:21:06.400
know it's hard, and talk to a friend or call

316
00:21:06.480 --> 00:21:10.799
the local police department. We don't want anyone to be scammed.

317
00:21:11.640 --> 00:21:14.559
These scammers are really good at what they do, and

318
00:21:14.599 --> 00:21:17.400
we have to be mentally prepared because we're all going

319
00:21:17.440 --> 00:21:20.519
to receive that phone call, that email, that text message

320
00:21:21.240 --> 00:21:24.400
that is trying to give us a compelling reason to act,

321
00:21:24.440 --> 00:21:27.519
to get us to panic, put that stress on us

322
00:21:27.599 --> 00:21:31.200
to make a bad decision. So please sign up for

323
00:21:31.400 --> 00:21:34.640
our monthly email. Right on the screen you see our

324
00:21:35.119 --> 00:21:40.599
website Roseadvocacy dot Org. When the show ends today, please

325
00:21:40.640 --> 00:21:44.119
go online. Write that down. Go online, and at the

326
00:21:44.160 --> 00:21:47.640
bottom of our homepage, there's a blue button that says

327
00:21:47.680 --> 00:21:52.440
sign up for our monthly email. You go on there,

328
00:21:52.559 --> 00:21:54.920
click the button. All we're going to ask for is

329
00:21:54.960 --> 00:21:57.640
your name in your email, and you're going to get

330
00:21:57.680 --> 00:22:02.200
some valuable information in your inbox. And if you like it,

331
00:22:02.480 --> 00:22:05.480
which I know you will, please forward it to your

332
00:22:05.480 --> 00:22:07.960
friends and tell them to sign up. And if you

333
00:22:08.000 --> 00:22:10.599
don't like it, just unsubscribe. We're not going to have

334
00:22:10.640 --> 00:22:13.480
our feelings hurt, but I know you're going to find

335
00:22:13.480 --> 00:22:16.920
this information valuable. I read it all the time, Joyce

336
00:22:17.079 --> 00:22:19.279
and the rest of our team at Rose, we spend

337
00:22:19.319 --> 00:22:22.400
a lot of time trying to provide really good information,

338
00:22:22.960 --> 00:22:28.119
whether it's online or are in person presentations. We'd love

339
00:22:28.519 --> 00:22:32.000
if you're in Arizona, we'd love to do a presentation

340
00:22:32.160 --> 00:22:34.519
for you or your group. If you're out of state,

341
00:22:34.599 --> 00:22:37.440
we can do it by zoom, and we have some

342
00:22:37.519 --> 00:22:41.640
people in a couple other states where we can do

343
00:22:41.680 --> 00:22:44.640
stuff in person as well. But we just want people

344
00:22:44.680 --> 00:22:47.880
to have good information to arm themselves so they do

345
00:22:48.000 --> 00:22:51.880
not get scammed. That's all I have for today. I

346
00:22:52.000 --> 00:22:56.279
really appreciate you all watching and listening. Joyce will be

347
00:22:56.359 --> 00:23:01.039
back next week. Thank you for uh, thank you for

348
00:23:01.079 --> 00:23:03.359
tuning in to let's talk about scams.

349
00:23:04.559 --> 00:23:07.599
Well that's all the knowledge for this episode. Tune in

350
00:23:07.759 --> 00:23:11.839
every Tuesday at eight am Pacific time on KFOURHD Radio

351
00:23:12.000 --> 00:23:16.680
at KFOURHD dot com as Joyce explores a variety of knowledge,

352
00:23:16.720 --> 00:23:20.319
so you have the power to make scam protection your

353
00:23:20.440 --> 00:23:24.079
healthy habit. And until then, feel free to reach out

354
00:23:24.119 --> 00:23:26.680
to Joyce and let's talk about scams.