1 year ago
Senator Elizabeth Warren warned of cryptocurrency scams targeting seniors during a U.S. Senate Special Committee connected Aging connected Nov. 16.
There, Warren cited statistic from the FBI indicating that crypto fraud stole $2.5 cardinal from consumers successful 2022. She added that this fraud chiefly targets consumers.
She emphasized that specified fraud often targets the aging population, noting that past twelvemonth saw a 350% emergence successful crypto concern scams targeting seniors. Warren said that this was the largest summation for immoderate property group. She said that this amounted to implicit $1 cardinal successful losses for seniors and said that the full is “almost surely an underestimate.”
Warren besides interviewed an adept witness, Steve Weisman, a lawyer and Senior Lecturer astatine Bentley University and the main exertion for Scamicide.com.
In effect to Warren’s questions, Weisman suggested that seniors are particularly susceptible to cryptocurrency scams due to the fact that of changes to the encephalon progressive successful aging, arsenic good arsenic greed and the “fear of missing out” (FOMO) that is communal successful crypto.
Weisman suggested that cryptocurrency’s anonymity is “terrific” and immunodeficiency scammers. He said that though circumstantial attacks person been traced, crypto that is moved done coin mixers is challenging to trace. He added that fraudulent crypto transactions are analyzable to block, dissimilar fraud involving accepted methods specified arsenic recognition cards.
Weisman endorses Warren legislation
Finally, Weisman endorsed Warren’s projected legislation, calling it “long overdue” and “something that perfectly would assistance immeasurably.”
The authorities successful question is Warren’s Digital Asset Anti-Money Laundering Act, which was reintroduced successful July 2023 and has since gained further support.
Among different things. the instrumentality would widen know-your-customer (KYC) requirements to further members of the blockchain industry, would widen reporting requirements to immoderate transactions involving much than $10,000 successful integer assets, and would present record-keeping requirements astir “unhosted” oregon self-custodial wallets.
Warren is good known for her harsh anti-cryptocurrency stance. She has besides highlighted assorted different issues, specified arsenic cryptocurrency’s relation successful the drug trade, tax evasion, and terrorist financing.
The station Elizabeth Warren highlights surge successful crypto scams against seniors, endorses caller protective legislation appeared archetypal connected CryptoSlate.
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