Crypto ATMs in Australia Under Scrutiny Amid Surge in Scams
Crypto ATMs across Australia have become hotspots for scams, prompting a nationwide investigation by AUSTRAC in collaboration with federal and state police. The probe revealed that many high-value transactions were linked to victims of romance and investment scams, not tech-savvy investors. In one case, a woman in her 70s lost over $430,000, while another was duped into sending $200,000 to a fake trading firm.
AUSTRAC CEO Brendan Thomas confirmed that most transactions were tied to victims, not criminals, highlighting how scammers exploit emotionally vulnerable individuals. In response, regulators introduced stricter measures, including a $5,000 transaction cap, mandatory scam warnings, and enhanced ID verification.
Meanwhile, the U.S. is also tightening regulations on crypto ATMs as fraud cases surge. From 2020 to 2023, ATM-related scams increased tenfold, with losses reaching $247 million in 2024. Seniors are disproportionately targeted, often guided step-by-step by fraudsters unfamiliar with cryptocurrency.
Despite rising fraud, the crypto market remains strong. The global crypto market cap rose over 2% in the past 24 hours to $3.31 trillion, with Bitcoin trading above $108K and Ethereum at $2,439.