Overview

• Police in a coordinated operation across all states except Victoria have contacted more than 90 cryptocurrency ATM users and charged one individual with property laundering in Western Australia.
• The number of crypto ATMs in Australia has jumped from 23 in 2019 to over 1,800 today, handling roughly $275 million in annual transactions.
• Reports to the Australian Cyber Security Centre show $3 million was lost to crypto ATM scams in the year to January, with investment and romance schemes most common.
• Cybersecurity experts warn that fraudsters exploit older Australians’ familiarity with physical ATMs, with women over 51 representing the majority of victims.
• Regulators and police are placing warning signs near machines and urging users to treat unsolicited requests for ATM fund transfers as likely scams.