Scams involving crypto ATMs have become a serious issue in Australia, with the latest reported losses totaling $2.5 million across 15 victims.
Extent of Scam Losses
According to Tasmania Police, 15 victims have suffered a total loss of around $2.5 million. The average age of victims is 65 years, resulting in lifelong impacts. One victim lost $750,000.
Methods Used by Scammers
Scammers employ a variety of techniques to convince victims to deposit cash through crypto ATMs. These schemes often involve threats, intimidation, and false promises of high returns, creating a false sense of urgency. "Common scams these victims were falling to were romance scams and investment scams..." said Tasmania Police Detective Sergeant Turner.
Government Response
Australian authorities have already begun addressing the issue by imposing cash limits on crypto ATMs. As of June 3, new regulations came into effect. Some countries, like New Zealand, have gone even further by banning crypto ATMs entirely to prevent criminals from converting illicit funds into cryptocurrency.
The phenomenon of cryptocurrency ATM scams in Australia presents a growing threat, particularly to vulnerable populations, and requires further action from authorities.
