AARP Applauds Passage of HB 483 to Protect Consumers from Crypto Kiosk Scams

BATON ROUGE, LA — Today, AARP Louisiana Advocacy Director Andrew Muhl issued the following statement applauding the Louisiana Legislature and Representative Mark Wright for passing House Bill 483:

“Louisiana has taken an important step forward in protecting consumers—especially older adults—from the fast-growing threat of cryptocurrency scams by passing HB 483. We thank Representative Mark Wright and members of the Legislature for advancing this critical legislation that establishes new consumer protections at virtual currency kiosks across the state.

“In 2024 alone, Louisiana victims reported more than $36 million in cryptocurrency fraud to the FBI. Nationally, complaints of fraud related to crypto ATMs increased by 99 percent, with older adults losing more than $107 million. These kiosks have become a prime target for scammers looking to exploit vulnerable consumers, often draining victims’ life savings in minutes.

“Older adults are disproportionately affected by these thefts, and HB 483 brings much-needed transparency, fairness, and accountability to an industry with little oversight. This legislation will help safeguard the financial well-being of older Louisianans by reducing opportunities for fraud and abuse.

“AARP Louisiana applauds Representative Wright for his leadership and commitment to consumer protection. We urge continued vigilance to ensure strong enforcement and education as digital currency use evolves.”