$3M Lost in Crypto ATM Scams, More May Follow

The AFP has warned against the rise of scams involving cryptocurrency ATMs, as new data reveals the loss of more than $3 million in a 12-month period. And this figure may be just the tip of the iceberg.

From 1 January, 2024 to 1 January, 2025, ReportCyber - Australia's online cybercrime reporting system operated by the Australian Cyber Security Centre (ACSC) - received 150 unique reports of scams involving crypto ATMs, with an estimated loss of $3,107,600.

This equates to one report every two and a half days, each with an average loss of more than $20,000.

Of the 150 incidents, the top three associated crime types were investment scams (63), extortion emails (35) and romance scams (24). Of the victims, 102 were women, 47 were men and one identified as 'other', with nearly half (72) aged older than 51.

Data released by AUSTRAC projects about $275 million is being moved through crypto ATMs in Australia every year and intelligence suggests a large number of these transactions are scam related.

AFP Commander Graeme Marshall said this indicated significant under-reporting of money lost to scams involving crypto ATMs.

"Scams are everywhere, targeting people from all walks of life and costing Australians billions of dollars each year," Commander Marshall said.

"Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities.

"This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed.

"Recent data released by AUSTRAC shows the majority of crypto ATM users are aged over 50, and account for more than 70 per cent of all transactions by value, which indicates this is a portion of the population being targeted by scammers."

A crypto ATM allows users to buy or sell cryptocurrency with cash, and can be exploited by scammers who pressure victims into using these machines to send them cryptocurrency.

Since 2019, AUSTRAC data shows the number of active crypto ATMs in Australia has increased more than 15-fold, from 23 to more than 1600 in 2025.

As their number has increased, so has the prevalence of these scams. The JPC3 is working with AUSTRAC's Crypto ATM Taskforce to combat the issue and help prevent further financial loss.

This has included the development of educational materials, which are being placed close to crypto ATMs to educate potential victims on scams, including information on how they work, warning signs, and how to report and seek help.

Commander Marshall said information was one of our greatest weapons against scammers and cybercrime more broadly.

"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," Commander Marshall said.

"Unfortunately, the reality is that once crypto is sent to a scammer, it's difficult to trace and almost impossible to get back.

"Information campaigns are important to help people understand the warning signs to stop them becoming a victim altogether, as well as providing those who have fallen victim with the resources to report and seek help.

"Scammers often use sophisticated tactics to elicit funds from victims. We would encourage people to share their stories with family and friends to raise awareness and help prevent others from falling victim."

Commander Marshall noted there were common warning signs associated with crypto scams and crypto-related scams.

"These can include being asked to deposit cash into a crypto ATM for any reason, offers or requests with an extreme sense of urgency, or crypto investments promising 'guaranteed' high returns with no risk," he said.

"If something sounds too good to be true, it probably is.

"Always be cautious of strangers or new romantic partners asking you to 'invest' in crypto. Never send cryptocurrency to someone you haven't met in person, especially for investments, loans or payments.

"If a company claims you owe money, contact them directly through official channels listed on their website. No legitimate government agency, bank, utility company or business will ever ask for payment via cryptocurrency.

"If in doubt, stop and talk to a trusted family member or friend about the situation."

Common Crypto Scams

Romance Scams

Scammers pretend to be online love interests or friends and convince victims to send funds through crypto ATMs.

Investment Scams

Fraudsters promise 'guaranteed' high returns if you invest in their cryptocurrency scheme. Legitimate investments never guarantee profits.

Government or Utility Payment Scams

No government agency, police, or energy company will ever request payment in cryptocurrency.

Fake Tech Support

Scammers pretend to be from Microsoft, Apple or your bank and claim your account is compromised. They ask you to 'secure' your money by transferring it into crypto - this is a scam.

Job Scams

Scammers pose as employers or recruiters to deceive job seekers into sending cryptocurrency to 'unlock tasks' or receive 'commissions'.