Consumer News: Crypto kiosks are being used to run multiple

To help, the retailer may use tariff refunds to support lower prices

By Mark Huffman of ConsumerAffairs

• Walmart executives said financially stressed consumers are showing signs of caution, with shoppers pulling back on discretionary purchases and relying more heavily on necessities and value-oriented products.

• The retailer said it plans to respond by emphasizing low prices, expanding private-label offerings, and using its scale to keep grocery prices competitive.

• Walmarts comments are being closely watched because the company serves a broad cross-section of Americans and is often viewed as a barometer of consumer health.

As retailers go, Walmart is a pretty good barometer of the American consumer's health. This week, the company warned that manyconsumers are becoming more selective about spending as economic pressures continue to weigh on household budgets, prompting the nations largest retailer to sharpen its focus on value and affordability.

During the companys earnings call, executives described shoppers as increasingly price-conscious,prioritizing essentials such as groceries and household basics while cutting back on discretionary purchases. Walmart officials said the trend is especially pronounced among lower- and middle-income households, though signs of caution are spreadingacross income groups.

Chief Financial Officer John David Rainey told investors on an earnings call that more customers at Walmart gas pumps are buying less than 10 gallons, calling it an indication of stress.

"We see with our customers that the high-income customer is spending with confidence, while the lower-income consumer is more budget-conscious and perhaps navigating financial distress," Rainey said.

How Walmart plans to help

During the earnings call, Walmart executives said they are discussing a way to relieve some of the pressure. They said refunds of tariffs they paid before the levies were overturned in court may be used to lower prices on some items.

"We think that the single best return that we can have on a dollar of capital right now is to invest in the customer, invest in price," Rainey said.

Although inflation has cooled from its peak levels, many consumers remain frustrated by the cumulative rise in everyday expenses over the past several years. The surge in gas prices over the last two months is adding to the burden.

To address customers changing behavior, Walmart said it plans to lean heavily into the strategy that has helped it gain market share during previous periods of economic stress: emphasizing low prices and convenience.

Executives said the company will continue investing in aggressive pricing, particularly in grocery aisles, where Walmart competes directly with supermarket chains and discount retailers. The company also plans to expand its private-label brands, which typically offer consumers lower-priced alternatives to national brands while generating higher profit margins for Walmart.

However, there are plenty of tasty and less-expensive alternatives

By Mark Huffman of ConsumerAffairs

• Beef prices are near record highs heading into Memorial Day weekend, driven by the nations smallest cattle herd in decades, drought conditions, and strong consumer demand.

• Ground beef, steaks, and brisket are all expected to cost more this year, prompting many shoppers to look for cheaper grilling options.

• Pork, chicken, sausages, and plant-based proteins are emerging as budget-friendly alternatives for holiday cookouts.

Gas prices arent the only source of consumer pain at the unofficial start of summer. Americans planning to fire up the grill this Memorial Day weekend are finding that hamburgers and steaks are coming with a bigger price tag than usual.

Retail beef prices have climbed sharply this spring, as the U.S. cattle inventory remains at its lowest level in more than 70 years. Ranchers have reduced herd sizes after years of drought, high feed costs, and rising operating expenses, squeezing supplies just as demand for grilling season begins to peak.

The result is sticker shock at supermarket meat counters across the country.

According to industry analysts, prices for popular grilling cuts including ribeye steaks, brisket, and ground beef are significantly higher than they were a year ago. Ground beef, a Memorial Day staple, has seen especially strong increases because consumers continue to favor burgers even as prices rise.

Kelly Schmidt, chief executive director of the Minnesota Beef Council, said demand is simply outpacing supply.

Our cow herd is the smallest its been in over 70 years. That is like the number one reason why were seeing a higher price,because of our supply, Schmidt told KSTP-TV. Our ability to make beef in this country is at a smaller level than its been.

Why beef costs are rising

The high price of beef is the product of several overlapping factors.

The U.S. cattle herd has been shrinking steadily since 2019. Prolonged drought conditions in major cattle-producing states forced many ranchers to sell off animals because pastureland dried up and feed became too expensive.

Rebuilding a herd takes time. Ranchers must retain female cattle for breeding rather than sending them to market, limiting short-term beef supplies.

Feed, transportation, labor, and borrowing costs all remain elevated. Ranchers and meat processors are paying more for nearly every part of the production chain, and those costs are eventually passed on to consumers.

Strong demand

Despite higher prices, Americans continue to buy beef. Demand for burgers and steaks typically rises during the summer grilling season, giving retailers little incentive to discount products heavily during holiday weekends.

Fortunately, there are less-expensive options. Chicken remains one of the least expensive proteins available. Drumsticks, thighs, and wings can often feed large groups at a fraction of the cost of steaks or burgers.

Pork products, including chops, ribs, and pulled pork, are generally cheaper than comparable beef cuts. Pork shoulder, in particular, offers an economical option for slow-cooked barbecue.

BBQ alternatives

If you're trying to save some money this Memorial Day weekend (and beyond), there are some budget-friendly options available:

• Bratwurst, kielbasa, and traditional hot dogs continue to provide affordable grilling choices for families hosting large gatherings.
• Turkey burgers have gained popularity as a lower-cost alternative to beef burgers, while still offering a familiar cookout experience.
• Some consumers are also turning to grilled vegetables, black bean burgers, and other plant-based options to offset meat costs.
• Many grocery shoppers say they are adapting by purchasing smaller quantities of beef or mixing beef with less expensive proteins.
• Retailers are also responding with promotions focused on chicken, pork, and prepared grilling packs designed to appeal to budget-conscious consumers.

NOAA predicts as few as eight named storms

By Mark Huffman of ConsumerAffairs

• NOAA is predicting a below-normal 2026 Atlantic hurricane season, with eight to 14 named storms expected.

• Forecasters say a developing El Nio pattern is likely to suppress storm activity in the Atlantic.

• Despite the quieter outlook, officials warn that it only takes one major storm to cause catastrophic damage.

The official 2026 hurricane season begins June 1, and the National Oceanic and Atmospheric Administration (NOAA) is forecasting a quieter-than-average six months, marking the agencys first below-normal outlook in more than a decade.

NOAA predicts the Atlantic basin will produce between eight and 14 named storms this year, including three to six hurricanes and one to three major hurricanes of Category 3 strength or higher. The agency says there is a 55% chance the season will be below average, a 35% chance it will be near normal and only a 10% chance of above-normal activity.

Forecasters say the primary reason for the reduced outlook is the expected development of El Nio conditions in the Pacific Ocean. El Nio typically increases wind shear across the Atlantic, making it harder for tropical systems to organize and strengthen.

NOAA warns against complacency

NOAA officials cautioned, however, that a below-average season does not mean coastal communities are safe from dangerous storms.

Even though we're expecting a below-average season in the Atlantic, it's very important to understand that it only takes one, NOAA Administrator Neil Jacobs said during a briefing announcing the outlook.

Meteorologists noted that several devastating hurricanes in past decades formed during otherwise quiet seasons, including Hurricane Andrew in 1992.

NOAAs forecast aligns with predictions from Colorado State University and other major forecasting groups, all of which anticipate a somewhat less active season than normal. CSU researchers recently projected 13 named storms, six hurricanes, and two major hurricanes for 2026.

New forecasting tools

At the same time, NOAA says it is rolling out new forecasting tools and graphics this season, including updated hurricane cone maps designed to better communicate inland storm impacts. Some of the new forecasting technologies incorporate artificial intelligence to improve forecast accuracy and risk assessment.

Emergency officials continue to urge residents in hurricane-prone areas to prepare early, regardless of the seasonal forecast.

Ken Graham, director of NOAAs National Weather Service, said uncertainty always remains in seasonal predictions and emphasized that preparedness should not depend on the number of storms expected.

Older Americans may be especially targeted

By Mark Huffman of ConsumerAffairs

• Cryptocurrency kiosk are rapidly increasing as fraudsters pressure consumers into depositing cash into crypto ATMs.

• Scammers impersonate government agencies, tech support workers, romantic partners, and investment advisers to steal funds.

• Consumer advocates say the best defense is recognizing red flags, slowing down, and never sending cryptocurrency under pressure.

Cryptocurrency kiosks often called crypto ATMs have become a favorite tool for scammers targeting consumers. Consumer protection agencies and law enforcement officials warn that criminals are increasingly directing victims to these machines because cryptocurrency payments are difficult to trace and nearly impossible to reverse once sent.

Lawmakers have begun to respond. This week, Mississippi Gov. Tate Reeves signed legislation that establishes statewide oversight and consumer safeguards for cryptocurrency kiosks.

The can leave consumers devastated financially, particularly older adults who are often singled out by fraudsters using fear, urgency, and emotional manipulation.

Crypto kiosks are commonly located in convenience stores, gas stations, grocery stores, and shopping centers. The machines allow users to insert cash and convert it into cryptocurrency such as Bitcoin, which can then be transferred to a digital wallet by scanning a QR code.

Scammers exploit that simplicity.

Government impersonation

One of the most common schemes involves criminals pretending to represent government agencies such as the IRS, Social Security Administration, FBI, or local law enforcement.

Victims may receive phone calls claiming they owe unpaid taxes, missed jury duty, or face arrest unless immediate payment is made. Instead of requesting conventional payment methods, the scammers direct consumers to withdraw cash from their bank accounts and deposit it into a cryptocurrency kiosk.

The victim is then instructed to scan a QR code controlled by the scammer, instantly transferring the funds.

Consumer advocates say legitimate government agencies never demand payment in cryptocurrency.

Tech support fraud

Another growing scam involves fake tech support representatives posing as employees of companies such as Microsoft, Apple, or antivirus providers.

Victims are told their computers or bank accounts have been compromised and that their money is at risk. The scammer convinces the consumer that transferring funds into cryptocurrency is a way to protect their savings.

In many cases, scammers remain on the phone while the victim drives to the kiosk and completes the transaction.

Romance and investment schemes

Romance frequently evolve into crypto fraud.

A scammer builds an online relationship over weeks or months before introducing a supposedly lucrative cryptocurrency investment opportunity. Victims are persuaded to deposit money into crypto kiosks to fund investments that do not exist.

Similarly, fraudulent investment advisers promise guaranteed returns or insider opportunities tied to cryptocurrency trading platforms.

By the time victims realize they have been deceived, the funds are usually gone.

Prize and employment

Fraudsters also use cryptocurrency kiosks in fake lottery, sweepstakes, and employment . Consumers may be told they won a prize but must first pay taxes or fees in cryptocurrency.

Others are recruited for bogus jobs and instructed to deposit funds through crypto kiosks after receiving counterfeit checks. These often rely on creating urgency and confusion before victims have time to verify the claims.

Here are the red flags

Consumer protection experts say several red flags appear repeatedly in cryptocurrency kiosk :

• Demands for immediate payment

• Requests for secrecy

• Instructions to pay only in cryptocurrency

• Threats involving arrests, lawsuits, or account freezes

• Promises of guaranteed investment profits

• Pressure to stay on the phone while traveling to a kiosk

• Requests to avoid speaking with family members or bank employees

Avoid becoming the victim

Experts recommend several steps consumers can take to avoid becoming victims:

• Slow down: Scammers rely on panic and urgency. Consumers should pause before making any financial transaction involving cryptocurrency.
• Verify independently: If someone claims to represent a government agency, bank, or technology company, consumers should contact the organization directly using official phone numbers or websites.
• Never send crypto to strangers: Cryptocurrency transactions are generally irreversible. Consumers should never transfer funds to someone they have not independently verified.
• Talk to someone you trust: Before making large payments or investments, consumers should consult a family member, financial adviser, or trusted friend. Promises of high or guaranteed profits are among the most common warning signs of fraud.

Consumers who believe they have been targeted should immediately stop communication with the scammer and report the incident to law enforcement and consumer protection agencies.

Experts recommend preserving receipts, transaction records, phone numbers, emails, and cryptocurrency wallet information.

Victims can also report fraud to:

• The Federal Trade Commission (FTC)

• The FBIs Internet Crime Complaint Center (IC3)

• State consumer protection agencies

• The operator of the cryptocurrency kiosk used in the transaction

Authorities caution that recovering stolen cryptocurrency can be difficult, making prevention the most effective defense against these increasingly sophisticated .

The average rate is back to its highest level since last summer

By Mark Huffman of ConsumerAffairs

• Freddie Mac said the average rate on a 30-year fixed mortgage rose to 6.51% this week, up from 6.36% last week.

• The increase marks the highest average mortgage rate in nearly nine months and comes during the peak spring home-buying season.

• Higher borrowing costs could sideline some buyers, but experts say shoppers who compare lenders may still find meaningful savings.

As the spring housing market begins to wind down, the news continues to worsen for buyers.

The average rate on a 30-year fixed mortgage climbed this week to its highest level since late last summer, adding fresh pressure to home buyers already struggling with affordability.

Freddie Mac reports that the average rate on a 30-year fixed-rate mortgage rose to 6.51%, up from 6.36% a week earlier. A year ago, the average rate stood at 6.86%. The average rate on a 15-year fixed mortgage increased to 5.85% from 5.71% last week.

The 30-year fixed-rate mortgage averaged 6.51% this week, Freddie Mac Chief Economist Sam Khater said in the report. As rates fluctuate, aspiring buyers should remember that by shopping around for the best mortgage rate and getting multiple quotes, they can potentially save thousands.

Rates have reversed course

The jump in rates comes at a difficult time for the housing market, which traditionally sees increased activity during the spring and early summer months. Mortgage rates had briefly dipped below 6% earlier this year, fueling hopes that affordability conditions might improve in 2026. But rising Treasury yields, stubborn inflation concerns, and geopolitical uncertainty have pushed borrowing costs higher again.

Mortgage rates are heavily influenced by the yield on the Treasury Departments 10-year bond. Bond yields have steadily risen since the start of the Iran war, with the yield on the 30-year note now over 5%.

Economists say even modest rate increases can have a major effect on monthly payments. For example, on a $400,000 mortgage, a rise from 6% to roughly 6.75% can add close to $200 to the monthly payment.

The silver lining

The higher rates are expected to further cool demand from buyers already coping with elevated home prices, insurance costs, and property taxes. Mortgage applications have recently declined as some shoppers step back from the market.

However, some analysts note that conditions are not uniformly negative for buyers. Housing inventory has improved in parts of the country, particularly in the South and Midwest, giving shoppers more negotiating power than they had during the pandemic-era housing boom.

Mortgage experts also emphasize that advertised averages do not necessarily reflect what every borrower will pay. Freddie Macs survey is based on borrowers with strong credit and sizable down payments. Buyers with excellent credit scores who compare multiple lenders may qualify for lower rates, while those with weaker credit histories could pay significantly more.