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New data show that Arizona seniors lost nearly $11 million in fraudulent cryptocurrency transactions last year, a sharp increase from 2023.

A new state law tightens rules around transactions at ATM-like cryptocurrency kiosks. The popularity of kiosks means more opportunities for scammers to take advantage of seniors.

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AARP Arizona state director Dana Kennedy said scammers often scare seniors into making large deposits at the kiosks, which the state has now regulated.

"Arizona has around 600 of the crypto ATMs across the state, and the number of machines increases year over year," aid Kennedy. "And so does the amount being scammed from victims."

Americans lost $9.3 billion in cryptocurrency scams last year, a 66 percent increase over 2023.

In addition to requiring written warnings at crypto kiosks, Arizona House Bill 2387 also puts limits on daily transactions and allows people to get refunds if they can prove they were scammed.

"And it also requires the machines to provide a receipt for customers," said Kennedy. "And it also requires the ATM company to use anti-fraud blockchain analytic software."

Cryptocurrency kiosks are largely unregulated and, Kennedy said, people 60 and older are much more likely to be the victims of fraud when using them.