#CryptoScamSurge
Increase in Fraudulent ATM Operations for Cryptocurrencies Across Australia
Australia has been hit by a wave of fraud involving cryptocurrency ATMs, causing significant harm to elderly victims. In the latest reported case, 15 people from Tasmania lost a total of 2.5 million dollars, according to local police.
The average age of the victims was 65 years, and many are now facing severe financial consequences.
Police say that the fraud involves scammers manipulating people into depositing large sums of cash into cryptocurrency ATMs. Their methods range from emotional deception to investment schemes and impersonating authorities or technical support.
Victims are often threatened or misled with false promises of returns, leading to irreversible losses once the cryptocurrencies are transferred.
Cryptocurrency ATMs do not provide any recovery mechanism, unlike traditional banks. As a result, once a victim sends money to the scammer's wallet, the funds are stolen. In one exceptional case, a Tasmanian citizen lost 750,000 dollars, forcing him to sell his assets and rely on government assistance.
Regulatory bodies have responded. Australia has imposed cash restrictions on cryptocurrency ATM transactions, while New Zealand has taken a further step.