NORTH DAKOTA (KXNET) — The use of cryptocurrency began in 2009, but in recent years, there has been a rise in crypto scams across the country. That is why AARP North Dakota and Fargo Representative Steve Swiontek are working hard to pass House Bill 1447, which is aimed at creating consumer pro tections to help save North Dakotans from scams. Crypto scams cost North Dakotans $6 million in 2023 alone, and cryptocurrency kiosks have become the most highly effective tool for these scammers. These kiosks are very accessible across the state and can be found in places like malls, convenience stores, gas stations, bars, and restaurants. North Dakota House Bill 1447 is looking to stop these scammers and save North Dakotans from having their life savings stolen by criminals. "We're concerned because again there are no state regulations, there's no way to legitimately know where that money is being sent to, and so often people are losing the money with no way to have any repercussions from that," Janelle Moos, the advocacy director for AARP North Dakota, said. This bill focuses on licensing the kiosks across the state, creating protections that put warnings on the kiosks so people know that it isn't a legitimate way to transfer money. It also provides a transaction limit, which is key to stopping people from losing more money than they have to. $38 million road project in Mandan targets longstanding flooding problems "Criminals are very good at what they do, they create this narrative, they create this urgency, saying that this is really important that you go do this, go take the money out, and you know you're operating on fear and I think that is the whole reason behind this and so if we can just do little things like these transaction limits, putting these warnings on machines it will be a red flag not only just for older North Dakotans but really anyone that might try and insert money into these," Moos said. Fraud Investigator Jacob Rued has dealt with these different situations where people have lost large sums of money to cryptocurrency ATMs, and he says it is important to know that if you are acting out of fear, you are most likely being scammed. "I, as a person who deals with fraud all day long, I'm never going to call you and try to induce fear into you and try to get you more anxious and more scared. I'm going to tell you this is the situation and this is what we're doing to fix it, and if I need you to do anything, it's going to be come physically to the bank," Rued said. Although some of the kiosks already provide scam warnings, Rued says that most people who are getting scammed are thinking emotionally, not logically, in the moment, which is why passing this bill to put limits on these kiosks is the most important part to stop future scams. "Those logical warnings aren't really effective that's where the limit is, because it doesn't matter how you're thinking, I'm thinking for you, and I'm saying this is it, this is the limit, this is all you can do, and I'm trying to buy you time for someone who is thinking logically can intervene and try to save your life," Rued said. It is important to know that once you send this money using cryptocurrency, your bank won't be able to get it back, so it is important if you believe you or someone you know is being scammed to reach out to local law enforcement or your bank before putting large sums of money into these ATMs. Over 20 states in the U.S. are working on bills similar to this one. Last week, the ND Senate passed HB 1447. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW ...read more read less