Crypto ATM scams in Australia cause over AUD 3.1 million in losses
The post Crypto ATM scams in Australia cause over AUD 3.1 million in losses appeared on BitcoinEthereumNews.com. Over 150 unique scam reports filed with ReportCyber during the period. Average loss per victim exceeded AUD 20,000. Crypto ATMs in Australia surged from 40 in 2022 to over 1,800 by 2025. Australia is facing a fresh wave of crypto-related scams, this time involving the rapid expansion of cryptocurrency ATMs across the country. New data from ReportCyber shows that Australians lost over AUD 3.1 million to scams involving crypto ATMs between January 2024 and January 2025. The Australian Federal Police (AFP) has now issued a warning, urging greater public awareness as these frauds increasingly target vulnerable demographics, particularly those aged over 50. With more than 1,600 crypto ATMs now operating in the country—up from just 23 in 2019—the risk of exploitation is growing in parallel with accessibility. Over 150 reports filed, average loss tops AUD 20,000 Between January 1, 2024, and January 1, 2025, Australia’s national cybercrime reporting platform, ReportCyber, received 150 reports specifically related to crypto ATM scams. This equates to roughly one report every two and a half days. The total estimated losses stood at AUD 3,107,600, with an average loss of more than AUD 20,000 per incident, according to the AFP. Authorities suggest that these numbers may only represent a fraction of the real impact. Many victims do not report their cases due to embarrassment, unawareness, or difficulty navigating the reporting process. AUSTRAC, the national financial intelligence agency, revealed that around AUD 275 million flows through cryptocurrency ATMs annually in Australia. A significant portion of that volume is linked to fraudulent activity, although the exact figure remains unquantified. Lack of regulation, rising usage worsen risk Crypto ATMs, often situated in easily accessible places such as convenience stores or next to children’s vending machines, offer convenience at the cost of security. Bitcoin’s irreversible nature and the low identification…
The post Crypto ATM scams in Australia cause over AUD 3.1 million in losses appeared on BitcoinEthereumNews.com.
Over 150 unique scam reports filed with ReportCyber during the period. Average loss per victim exceeded AUD 20,000. Crypto ATMs in Australia surged from 40 in 2022 to over 1,800 by 2025. Australia is facing a fresh wave of crypto-related scams, this time involving the rapid expansion of cryptocurrency ATMs across the country. New data from ReportCyber shows that Australians lost over AUD 3.1 million to scams involving crypto ATMs between January 2024 and January 2025. The Australian Federal Police (AFP) has now issued a warning, urging greater public awareness as these frauds increasingly target vulnerable demographics, particularly those aged over 50. With more than 1,600 crypto ATMs now operating in the country—up from just 23 in 2019—the risk of exploitation is growing in parallel with accessibility. Over 150 reports filed, average loss tops AUD 20,000 Between January 1, 2024, and January 1, 2025, Australia’s national cybercrime reporting platform, ReportCyber, received 150 reports specifically related to crypto ATM scams. This equates to roughly one report every two and a half days. The total estimated losses stood at AUD 3,107,600, with an average loss of more than AUD 20,000 per incident, according to the AFP. Authorities suggest that these numbers may only represent a fraction of the real impact. Many victims do not report their cases due to embarrassment, unawareness, or difficulty navigating the reporting process. AUSTRAC, the national financial intelligence agency, revealed that around AUD 275 million flows through cryptocurrency ATMs annually in Australia. A significant portion of that volume is linked to fraudulent activity, although the exact figure remains unquantified. Lack of regulation, rising usage worsen risk Crypto ATMs, often situated in easily accessible places such as convenience stores or next to children’s vending machines, offer convenience at the cost of security. Bitcoin’s irreversible nature and the low identification…
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