- AUSTRAC reports high scam losses from crypto ATMs, with many victims over 50 years old.
- Crypto ATM cash deposits and withdrawals are now restricted to $3,250 per new regulation.
- Public education initiatives to assist users in identifying scams and preventing losses.
Australia’s national financial agency, AUSTRAC, has introduced new rules to limit cash deposits and withdrawals at crypto ATMs to 5,000 Australian dollars ($3,250). This move addresses increasing scams linked to crypto kiosks, which have caused financial losses. From January 2024 to January 2025, the Australian Cyber Security Centre’s (ACSC) online cybercrime reporting system received 150 unique scam reports involving crypto ATMs, totaling over $3 million in losses. How is Australia responding to this growing threat?
Rising Crypto ATM Scams Prompt Regulatory Action
AUSTRAC said that the average loss per scam report exceeded $20,000, showing the severity of the issue. Investment scams accounted for 63 of these reports, followed by extortion emails and romance scams. Victims ranged widely in age, but those over 51 years old made up nearly half of the cases. Women represented the majority of reported victims, with 102 women compared to 47 men.
The Australian Federal Police (AFP) stressed that many scams remain unreported. Commander Graeme Marshall stated that intelligence indicates underreporting of losses involving crypto ATMs. He noted that older Australians form a significant user base for these machines, which scammers are increasingly targeting. Additionally, many victims either do not realize they have been scammed or feel ashamed to report the crime.
There was a huge increase in crypto ATMs in Australia, from just 23 units in 2019 to more than 1,600 by 2025. As a result, more scams have emerged as technology and machine use have increased. AUSTRAC estimates that $275 million passes through the kiosks annually, with a significant portion of these transactions believed to be fraudulent.
Public Awareness and Preventive Measures
AUSTRAC and the Joint Parliamentary Committee 3 (JPC3) have developed educational materials placed near crypto ATMs to alert users. These materials explain common scam tactics and provide advice on recognizing warning signs. Commander Marshall emphasized that public awareness is crucial in efforts to reduce scam success rates.
“Information is one of our greatest weapons against scammers,” he said. The campaign encourages users to watch for urgent requests to deposit cash, promises of guaranteed returns, or demands from unknown individuals. Marshall urged people to verify any payment claims through official channels before sending crypto funds.
Related: Australia’s New Crypto Rules Aim to End Debanking for Firms
Common Warning Signs and Scam Tactics
Scammers often pressure victims to use crypto ATMs to transfer funds quickly. They manipulate emotions through romance, investment promises, or extortion emails. Commander Marshall noted that any request to deposit cash into a crypto ATM under urgency should raise red flags.
He warned that sending crypto to someone you haven’t met face-to-face puts you at risk, and you should be cautious when people you don’t know ask to pay in cryptocurrency. The use of cryptocurrency ATMs does not make a transaction secure or legal for governments or businesses. If these facts were more widely known, it could lower the risk of victimization and lead to more reports.
