The Australian Federal Police (AFP) has launched an operation to identify victims of fraud involving cryptocurrency ATMs. It has found that many users of these devices fell victim to scammers.
Victims of Crypto ATM Fraud
As part of the operation, the AFP reached out to over 90 people who had used cryptocurrency ATMs, many of whom were scam victims. Among them was a 77-year-old widow who lost AUD 433,000 (about USD 281,947) in a dating scam. A scammer pretending to be from Belgium convinced her to invest in Bitcoin, showing her fake documents claiming profits of AUD 13,000 per week. Over 18 months, she lost all her savings.
Authorities' Response and New Regulations
The AFP, in cooperation with AUSTRAC, identified 21 individuals either at risk of being scammed or involved in illegal activities using crypto ATMs. One person was charged with property laundering, and four others were warned about possible participation in drug financing. Starting from June 2023, AUSTRAC implemented new rules for cryptocurrency ATM operators to prevent scams.
Fraud Statistics
From January 2024 to January 2025, Australia's cybercrime reporting system received a total of 150 reports of cryptocurrency ATM scams, totaling losses of over AUD 3.1 million (USD 2 million). The AFP warns citizens to be cautious of promises of quick profits and to not trust strangers.
The operations by the AFP and AUSTRAC serve as an important reminder of the risks associated with cryptocurrency ATMs and underline the need for caution when investing in cryptocurrencies.
