WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, today delivered an opening statement at a Senate Judiciary Committee hearingentitled “Scammers Exposed: Protecting Older Americans from Transnational Crime Networks.” The hearing focused on elder fraud and financial abuse to help raise public awareness about the recent increase in financial threats and scams targeting older Americans. The hearing provided an opportunity to discuss how the federal government can bolster protections for vulnerable populations like elderly Americans who are most at risk of being victimized by these financial scams.
Before Durbin delivered his opening statement, he noted the Senate received a bipartisan briefing following the horrific shooting of Minnesota state lawmakers this weekend and federal agents forcefully removing United States Senator Alex Padilla (D-CA) during a Department of Homeland Security press conference on Thursday.
Key Quotes:
“The amount of fraud perpetrated against older Americans is overwhelming. According to the FBI, last year, Americans aged 60 and older reported nearly $4.9 billion stolen through fraud, with an average loss of $83,000 last year—up 43 percent from the prior year.”
“Elder fraud is a growing threat, yet it frequently goes unreported due to the victim’s fear, embarrassment, or lack of resources. New technologies like cryptocurrency ATMs pose a heightened risk for older Americans… Crypto ATMs look like a regular ATM you find in gas stations and grocery stores. The big difference is that instead of depositing money with your bank, a crypto ATM allows customers to purchase cryptocurrency, [like] Bitcoin.”
“These crypto ATMs have become a favorite tool of scammers, because once a victim purchases crypto and transfers it to a criminal’s digital wallet, it is virtually impossible to trace or recover… Crypto ATM scams led to nearly $247 million in losses in 2024, a 31 percent increase over the previous year. And make no mistake—the crypto ATM companies know their machines are involved in this fraud. One crypto ATM operator, Bitcoin Depot, wrote in an SEC filing, ‘Our products and services may be exploited to facilitate illegal activity such as fraud, money laundering, gambling, tax evasion, and scams.’ That is a stunning admission in their own corporate product.”
“An investigation by the Iowa Attorney General’s office found over 98 percent of the money that the people in Iowa reported sending through Bitcoin Depot was part of scam transactions… Crypto ATMs aren’t being ‘exploited…’ And cryptocurrencies in general are also increasingly used for fraud. In 2024, the FBI reported that crypto-related crime was up 66 percent, and Americans lost $9.3 billion to crypto scammers.”
“In Illinois, an elderly woman with MS lost $40,000—her life savings. Since the woman could not get around very well, the scammer even called an Uber to pick her up and drive her to her local crypto ATM. This heart wrenching story and many more like it are the reason I introduced the Crypto ATM Fraud Prevention Act, with Senators Blumenthal, Reed, and Welch. It would require crypto ATM operators to register with financial regulators, warn customers about scams, and create transaction limits so customers won’t lose their life savings. The bill also would require operators to refund new customers who have been defrauded.”
“We must do more to protect the people who send us here to do this job—particularly vulnerable older Americans... I stand ready to work with Senator Grassley and my colleagues to address this issue. The American people are counting on us.”
Today, the Senate is scheduled to vote on passage of the GENUIS Act, legislation to regulate the stablecoin market. The Senate is voting on passage without a single vote on amendments—including Durbin’s amendment to crack down on crypto ATM operators who have been scamming seniors out of their life savings.
Video of Durbin’s opening statement is available here.
Audio of Durbin’s opening statement is available here.
Footage of Durbin’s opening statement is available here for TV Stations.
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