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 requirements of many machines make them ideal tools for scammers.
Unlike traditional bank transactions, once crypto is sent via an ATM, there is virtually no way to recover the funds.
The problem is not isolated to Australia. In the US, the Michigan Attorney General’s Consumer Protection Division has raised similar alarms about Bitcoin ATM scams targeting older adults.
In Canada, authorities have previously flagged these machines as potential conduits for money laundering. The UK prosecuted an individual last year for operating an illegal Bitcoin ATM.
Despite global efforts to crack down on misuse, regulations governing these machines remain patchy.
Without mandatory Know-Your-Customer (KYC) procedures, scammers can exploit the anonymity and speed of crypto transfers to move illicit funds quickly and invisibly.
Scammers prey on urgency, fake officials, and emotional manipulation
Crypto ATM scams often follow well-established social engineering techniques.
The AFP highlights that scammers typically contact victims posing as government officials, bank staff, or tech support agents.
Some victims are lured through romance scams, investment promises, or job offers, often involving intense emotional manipulation and pressure to act urgently.
The victim is then instructed to withdraw cash and deposit it into a crypto ATM, often while on a live call with the scammer.
Fraudsters sometimes claim the transaction is necessary to “secure accounts” or prevent legal action.
These tactics exploit both digital illiteracy and psychological vulnerability, especially among seniors.
To combat these scams, the AFP and AUSTRAC recommend heightened public awareness and better education about cryptocurrency basics.
As Bitcoin’s value continues to rise and ATM numbers grow, experts warn that the issue could worsen without coordinated regulatory intervention.
