Crypto ATM scams surge across Australia
Elderly Australians are falling victim to crypto ATM scams, with police reporting over $2.5 million in losses in just one region.
A wave of scams involving crypto ATMs has hit Australia, leaving elderly victims devastated. In the latest reported case, 15 people from Tasmania lost a combined $2.5 million, according to local police.
The average victim was 65 years old, and many are now facing severe financial consequences.
Police say the scams involve fraudsters manipulating people into depositing large sums of cash into crypto ATMs. Tactics range from fake romance and investment schemes to impersonating authorities or tech support.
Victims are often threatened or misled with false promises of returns, leading to irreversible losses once crypto is transferred.
Crypto ATMs offer no recovery mechanism, unlike traditional banks. As a result, once a victim sends funds to a scammer’s wallet, the money is gone. In one extreme case, a Tasmanian lost $750,000, forcing them to sell assets and depend on government aid.
Regulators are responding. Australia has imposed cash limits on crypto ATM transactions, while New Zealand has gone a step further by banning them altogether to curb criminal activity.
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