As of July 1, 2026, South Dakotans will benefit from new consumer protections designed to combat fraud involving virtual currency kiosks, commonly known as cryptocurrency kiosks. The protections were established through Senate Bill 98 (SB 98), legislation supported by AARP South Dakota and a broad c oalition of law enforcement, financial services, consumer protection and government partners.   According to AARP, fraud targeting older Americans continues to rise, with criminals stealing an estimated $246.7 million each year across the country through virtual currency kiosk-based schemes. South Dakota’s new law helps address this growing threat by establishing important safeguards around these machines, which are often located in supermarkets, convenience stores, gas stations, bars and restaurants across the state.   Virtual currency kiosk scams often involve criminals convincing victims to withdraw large amounts of cash and deposit it into a virtual currency kiosk, where the funds are then transferred to a digital wallet controlled by the scammer.   Erik Gaikowski, AARP South Dakota State Director, said, “For years, criminals have used virtual currency kiosks to steal millions of dollars from Americans, with older adults disproportionately affected by these scams. AARP South Dakota was proud to work alongside legislators, law enforcement agencies, financial institutions and state officials to advance these protections. The law strikes an important balance—allowing lawful transactions while creating safeguards that help consumers recognize and avoid fraud before it happens.”   The law includes several consumer protection measures, such as licensing requirements for virtual currency kiosk operators, clear fee disclosures, daily transaction limits, prominent fraud warnings, refund requirements for fraudulent transactions and detailed transaction receipts that can assist law enforcement investigations.   “This law increases transparency, raises awareness of fraud risks, and provides important protections for South Dakotans,” Gaikowski said. “I’m proud that AARP South Dakota played a leading role in advancing the legislation, collaborating with a broad coalition of organizations committed to protecting consumers from financial exploitation.”   In addition to AARP South Dakota, the effort received support from law enforcement and financial services partners, as well as the Governor’s Office, the South Dakota Division of Banking and the South Dakota Attorney General’s Office. ...read more read less