- Over 150 distinctive rip-off experiences filed with ReportCyber through the interval.
- Average loss per sufferer exceeded AUD 20,000.
- Crypto ATMs in Australia surged from 40 in 2022 to over 1,800 by 2025.
Australia is dealing with a contemporary wave of crypto-related scams, this time involving the speedy enlargement of cryptocurrency ATMs throughout the nation.
New data from ReportCyber exhibits that Australians misplaced over AUD 3.1 million to scams involving crypto ATMs between January 2024 and January 2025.
The Australian Federal Police (AFP) has now issued a warning, urging higher public consciousness as these frauds more and more goal susceptible demographics, significantly these aged over 50.
With greater than 1,600 crypto ATMs now working in the nation—up from simply 23 in 2019—the danger of exploitation is rising in parallel with accessibility.
Over 150 experiences filed, common loss tops AUD 20,000
Between January 1, 2024, and January 1, 2025, Australia’s nationwide cybercrime reporting platform, ReportCyber, obtained 150 experiences particularly associated to crypto ATM scams. This equates to roughly one report each two and a half days.
The complete estimated losses stood at AUD 3,107,600, with a median lack of greater than AUD 20,000 per incident, in response to the AFP.
Authorities recommend that these numbers could solely symbolize a fraction of the actual influence. Many victims don’t report their instances on account of embarrassment, unawareness, or issue navigating the reporting course of.
AUSTRAC, the nationwide monetary intelligence company, revealed that round AUD 275 million flows by means of cryptocurrency ATMs yearly in Australia.
A good portion of that quantity is linked to fraudulent exercise, though the precise determine stays unquantified.
Lack of regulation, rising utilization worsen threat
Crypto ATMs, usually located in simply accessible locations corresponding to comfort shops or subsequent to youngsters’s merchandising machines, supply comfort at the price of safety.
Bitcoin’s irreversible nature and the low identification necessities of many machines make them best instruments for scammers.
Unlike conventional financial institution transactions, as soon as crypto is shipped by way of an ATM, there’s just about no approach to get better the funds.
The drawback just isn’t remoted to Australia. In the US, the Michigan Attorney General’s Consumer Protection Division has raised comparable alarms about Bitcoin ATM scams focusing on older adults.
In Canada, authorities have beforehand flagged these machines as potential conduits for cash laundering. The UK prosecuted a person final 12 months for working an unlawful Bitcoin ATM.
Despite international efforts to crack down on misuse, laws governing these machines stay patchy.
Without obligatory Know-Your-Customer (KYC) procedures, scammers can exploit the anonymity and pace of crypto transfers to maneuver illicit funds shortly and invisibly.
Scammers prey on urgency, faux officers, and emotional manipulation
Crypto ATM scams usually comply with well-established social engineering strategies.
The AFP highlights that scammers usually contact victims posing as authorities officers, financial institution employees, or tech help brokers.
Some victims are lured by means of romance scams, funding guarantees, or job affords, usually involving intense emotional manipulation and strain to behave urgently.
The sufferer is then instructed to withdraw money and deposit it right into a crypto ATM, usually whereas on a reside name with the scammer.
Fraudsters typically declare the transaction is critical to “secure accounts” or stop authorized motion.
These ways exploit each digital illiteracy and psychological vulnerability, particularly amongst seniors.
To fight these scams, the AFP and AUSTRAC advocate heightened public consciousness and higher schooling about cryptocurrency fundamentals.
As Bitcoin’s worth continues to rise and ATM numbers develop, specialists warn that the problem might worsen with out coordinated regulatory intervention.
