State House passes bill to limit risk of cryptocurrency scams
You might have seen one as there are reportedly 87 of them in the islands. A bill that just passed the State House aims to limit the risk of scams.
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Crypto scams are a nationwide phenomenon and were the riskiest scam in 2024, according to the Better Business Bureau.
'It's the second highest amount of any scam type that is lost, it's about $5,000 lost per scam involving investment of crypto,' explained Cameron Nakashima, BBB.
AARP said criminals — often impersonating government officials or businesses — convince individuals to withdraw large amounts of cash and put the money into a crypto ATM.Once the task has been completed, the money is then transferred to a digital wallet controlled by the criminal.
'What we are concerned about is many people don't realize that once they make that transaction, there's little to no way to get your money back,' said Kealii Lopez, AARP Hawaii State Director.
AARP added that one kupuna in Hawaii lost $15,000 and another lost $20,000.
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'Right now there's no limit, so someone can put in $20,000 of their funds and make that transfer without having to see anyone. If you go to the bank, you can take out $500 from your ATM. If you want to take out a whole lot more, you have to see a teller who's going to inquire and say 'Hey auntie, is this person someone you know?' Because banks are used to having to deal with scammers,' Lopez continued.
National Consumer Protection Week is a fitting time for a bill that passed the State House. The bill imposes a daily maximum of $1,000 on transactions through a digital financial asset.
The Department of Commerce and Consumer Affairs said there are ways to protect yourself.
Check out more news from around Hawaii
'What's unfortunate when it comes to kupuna and seniors is they're embarrassed when it comes to scams. If you are thinking of making an investment, talk with your loved ones, talk with your friends, kind of vet the vendor, that sort of thing,' said Ashton Stallings, DCCA Communications Specialist.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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