Australia Faces Surge in Cryptocurrency ATM Scams, Alerting Authorities

The AFP highlights a worrying rise in cryptocurrency ATM scams, with losses topping $3 million in a year. The scams primarily target women over 51, often leading to average losses of over $20,000. Authorities attribute this surge to inadequate reporting, while a joint taskforce aims to combat the issue through public awareness and educational materials at ATM locations.

The Australian Federal Police (AFP) has raised serious concerns about a sharp uptick in scams involving cryptocurrency ATMs. Latest data shows that Aussies lost over $3 million in just one year, a figure authorities believe could be a mere fraction of the total losses. From January 2024 to January 2025, ReportCyber, the federal online crime reporting platform, received 150 unique reports connected to scams involving these ATMs, with average losses per victim exceeding $20,000.

Primarily, investment scams emerged as the most reported, followed by extortion emails and romance scams. Interestingly, victims are mostly women, with nearly half aged over 51. This demographic detail coincides with findings from AUSTRAC, which suggests nearly $275 million flows through crypto ATMs in Australia annually, with a significant portion potentially linked to criminal activities.

AFP Commander Graeme Marshall pointed out that the stats likely underestimate the issue, stating, “Scams are everywhere, targeting people from all walks of life and costing Australians billions of dollars each year.” He further noted that many victims might not even be aware they’ve been scammed or feel too ashamed to report their experience.

The rise of crypto ATMs has been dramatic, with numbers soaring from just 23 machines in 2019 to over 1,600 by 2025. Sadly, as their numbers have increased, so too has the misuse. In many cases, scammers are urging individuals to send cryptocurrency directly via these ATMs, making it nearly impossible to trace or recover funds once transactions are completed.

To combat this, a collaborative taskforce comprising the AFP, AUSTRAC, and the JPC3 has been formed. Their efforts involve placing educational posters and warning materials at crypto ATM locations, designed to inform potential victims about the scams and how to report suspicious behaviours.

Marshall stressed the importance of public awareness, saying, “The better informed the public is about the warning signs and red flags associated with these scams, the more likely they won’t fall for scammers’ shady tactics.” Scammers typically establish trust through means such as romance, job offers, or fake tech support before they demand crypto payments.

In more alarming instances, scammers impersonate legitimate entities like utility providers or government agencies, demanding payments in cryptocurrency — a request no credible organisation would ever make.

“If something sounds too good to be true, it probably is,” warned Marshall, advising people against sending cryptocurrency to anyone they haven’t met in person. He also urged not to use crypto ATMs to send money to strangers or invest without due diligence.

Authorities are encouraging Australians to report any suspicious incidents, regardless of how trivial they may appear. Victims are advised to sever all communication with the scammer, report to police and Scamwatch, and alert their digital currency exchange provider. Marshall underscored that sharing experiences is crucial as it may help prevent others from falling victim to similar traps.

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