Australian police have launched a large operation to identify users of crypto ATMs linked to fraud. More than 90 potential victims and suspects have been established during this operation.
Crypto ATM Fraud: Statistics and Victims
Australia’s financial intelligence agency AUSTRAC reported that one victim was a 77-year-old widow scammed out of 433,000 Australian dollars (approximately $282,000) in an online dating scam. According to police, her scammer encouraged her to invest in Bitcoin by showing fake documents proving his profits.
Police Actions Against Abuses
The Australian police conducted searches targeting 21 individuals identified as victims or purported offenders related to crypto ATMs. One person was charged with money laundering, while four others received formal warnings for allegedly using crypto ATMs to purchase drugs.
Signs of Fraud and Public Advice
AFP Commander Graeme Marshall noted that scam victims are sending significant sums of money to crypto ATMs on the basis of false promises. He warned citizens about recognizing red flags of fraud, such as guaranteed quick profits and pressure with deadlines.
Ensuring safety and awareness of the risks associated with crypto ATMs is critical to protecting citizens from scams. The consequences of criminal use of these machines are becoming increasingly apparent.
