The AFP believes the scale of crypto ATM scam losses is significantly under-reported. Photo by Elise/pexels.com
A 15-fold increase in cryptocurrency ATMs has brought with it a surge in scams whose true financial cost has been hidden, the Australian Federal Police says.
And scammers are targeting the middle-aged, especially women, 50 years or older as figures show this age group accounts for 70% of all scam reports.
For 12 months from January, 1, 2024, cybercrime reporting system ReportCyber received 150 reports of scams involving crypto ATMs, totalling an estimated $3.1 million, with one report received every two and a half days with an average loss of more than $20,000 per report, the AFP says.
AUSTRAC data shows the number of active crypto ATMs in Australia grew more than 15-fold; from 23 in 2019 to more than 1600 in 2025.
Of the 150 reports, the top three most common crimes were investment scams (63), extortion emails (35) and romance scams (24). Of the victims, 102 were women, 47 were men, one was ‘other’ with nearly half (72) aged older than 51 years old.
According to the AFP, about $275 million is moved through crypto ATMs in Australia every year with a large number of these transactions scam-related.
AFP Commander Graeme Marshall says the total figure indicates a significant under-reporting of money lost to scams involving crypto ATMs.
“Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is reported to authorities.
“This could be because victims don’t realise they’ve been the victim of a crime, they don’t know how to report scam activity, or they feel embarrassed because they were scammed.”
He says recent data from AUSTRAC (a government financial regulator) shows most crypto ATM users are aged over 50 years-old and account for more than 70% of all transactions by value.
Image: worldspectrum/pixabay.com
A crypto ATM allows users to buy or sell cryptocurrency with cash and can be used by scammers who pressure victims into using these machines to send them cryptocurrency.
Efforts to fight them include placing warning notices close to crypto ATMs to educate about scams including how they work, warning signs and how to report and seek help.
“Unfortunately, the reality is that once crypto is sent to a scammer, it’s difficult to trace and almost impossible to get back,” Marshall says.
“Information campaigns are important to help people understand the warning signs to stop them becoming a victim as well as providing those who have fallen victim with the resources to report and seek help.”
Marshall notes there are common warning signs for crypto and crypto-related scams.
“These can include being asked to deposit cash into a crypto ATM for any reason, offers or requests with an extreme sense of urgency, or crypto investments promising ‘guaranteed’ high returns with no risk,” he said.
“If something sounds too good to be true, it probably is.
“Always be cautious of strangers or new romantic partners asking you to ‘invest’ in crypto. Never send cryptocurrency to someone you haven’t met in person, especially for investments, loans or payments.
“If a company claims you owe money, contact them directly through official channels listed on their website. No legitimate government agency, bank, utility company or business will ever ask for payment via cryptocurrency.
“If in doubt, stop and talk to a trusted family member or friend about the situation.”
COMMON CRYPTO SCAMS
- Romance scams: Scammers pretend to be online love interests or friends and convince victims to send funds through crypto ATMs.
- Investment scams: Fraudsters promise ‘guaranteed’ high returns if you invest in their cryptocurrency scheme. Legitimate investments never guarantee profits.
- Government or utility payment scams: No government agency, police, or energy company will ever request payment in cryptocurrency.
- Fake tech support: Scammers pretend to be from Microsoft, Apple or your bank and claim your account is compromised. They ask you to ‘secure’ your money by transferring it into crypto — this is a scam.
- Job scams: Scammers pose as employers or recruiters to deceive job seekers into sending cryptocurrency to ‘unlock tasks’ or receive ‘commissions’.
WHAT TO DO
What to do if you think you’ve been scammed:
- Stop all communication with the scammer.
- Do not send more money.
- Report it to police.
- Report it to Scamwatch to help others avoid similar scams.
- Notify your digital currency exchange provider.
- If there is an immediate threat to life, or risk of harm, call Triple Zero (000).
Source: AFP
