AARP Eye Center
Cracking Down on Scams
The Federal Trade Commission reported over $10 billion in losses due to fraud and identity theft last year. AARP is committed to combating fraud by educating people about current trends and consumer protections. We recently hosted a telephone town hall that reached people in their homes statewide. Watch a recording of the event.
AARP and others successfully advocated for new consumer protections in Minnesota this year, including:
Criminals are adept at exploiting new technologies to scam consumers. AARP advocated for consumer protections to regulate virtual currency kiosks, also known as cryptocurrency ATMs. Crypto ATMs look and operate like bank ATMs and are found in grocery stores, convenience stores, gas stations, restaurants, and other spots across the state. The bill protects new customers who are victims of fraud by providing a refund of the total transaction amount as long as they report the fraud within 14 days. It also sets a daily virtual currency transaction limit of $2,000 for new customers and requires operators to post warning signs that scammers may use virtual transactions to defraud consumers.
The new law:
- Requires kiosk operators to post warnings about potential fraud
- Limits transactions for new customers to $2,000 a day
- Provides a full refund for new customers who are victims of fraud if they report it within 14 days of the transaction to the police and kiosk operator
Lawmakers took action to prohibit unfair real estate agreements. These scams occur when brokerage firms prey upon vulnerable homeowners, offering small cash gifts - some as low as $300 - in exchange for decades-long contracts lasting up to 40 years for exclusive property sales rights. As a result, homeowners face huge penalties of 3% of their property value if they want the agreements removed, list their property with another firm, or transfer a property title to a family member upon death, divorce, or foreclosure. AARP supported this legislation and worked to ensure that Minnesota's Attorney General has the authority to seek restitution from these bad actors and allow individuals to file for damages in court.
The new law:
- Contracts are no longer enforceable
- Victims can sue in court or seek restitution from the Minnesota Attorney General’s office
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