Jack Dawes
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In a joint effort between Minnesota lawmakers, local law enforcement, and the Department of Commerce, legislation has been introduced to ban crypto ATMs across the state in response to widespread fraud and financial abuse, particularly of the elderly.
Bill HF3642, sponsored by Rep. Erin Koegel, would prohibit the use of virtual currency kiosks or “crypto ATMs,” that also accept cash and debit cards, in response to 70 official complaints of financial fraud totalling over $540,000 in 2025.
Crypto prices on Friday: Bitcoin, Ethereum and more tick upward
The catalyst for the legislation was a single incident in which police officers responded to a call about a senior…
CLICK HERE to read the FULL Why Minnesota lawmakers are trying to ban crypto ATMs – Mashable article.
MANAGEMENT & CULTURE (THE “TONE AT THE TOP”)
Fraud thrives in “sloppy” environments where leadership ignores the rules.
- The Fraud Triangle: For fraud to occur, three elements must be present: Pressure (the need for money), Rationalization (thinking “I deserve this”), and Opportunity (weak controls). You can only control the Opportunity.
- Whistleblower Hotline: Provide an anonymous way for staff to report “odd behavior.” Most internal frauds are caught via tips, not audits.
- Background Checks: Conduct credit and criminal record checks for all employees in financial or data-sensitive roles.
- Annual Ethics Training: Make sure every staff member knows that the company has a Zero Tolerance policy toward “borrowing” from petty cash or fudging overtime.