Tasmania Police is urging users of cryptocurrency ATMs to remain vigilant following an investigation that identified significant financial losses suffered by Tasmanian scam victims.
Police identified that, over a three-month period earlier this year, Tasmanian victims lost more than $1.5 million, with funds deposited into cryptocurrency ATMs across the state.
The investigation forms part of a national crackdown on the criminal use of cryptocurrency ATMs, which are increasingly being exploited by offenders targeting victims of romance, investment and recovery scams.
Detective Sergeant Paul Turner said the number of cryptocurrency ATMs in Tasmania had increased significantly in recent years, growing from just one machine in 2021 to 28 statewide.
"A key warning sign of the cryptocurrency ATM is being asked to deposit cash into a cryptocurrency ATM by someone you have only met online or spoken to over the phone," said Detective Sergeant Turner.
"If someone you've met online, or a person who has contacted you unexpectedly, asks you to deposit cash into a cryptocurrency ATM, it is highly likely you are being targeted by a scam."
"Victims are being manipulated, intimidated and pressured into sending money to scammers involved in fake investment opportunities and online romance scams."
"In many cases, scammers directed victims to cryptocurrency ATMs after they encountered resistance or questioning from their financial institution when attempting to transfer funds."
"If you're unsure about a transaction, please seek advice from trusted friends, family members or police before proceeding - and always take the advice provided by your bank."
"These scams often involve substantial financial losses and can have severe, long-term impacts on victims and their families."
Anyone who believes they have been targeted by a scam is encouraged to report the matter and seek support without delay.
- Stop all communication with the scammer immediately and seek advice.
- Do not send any additional money.
- Report the incident via www.cyber.gov.au and contact police.
- Notify your cryptocurrency exchange or digital currency provider as soon as possible.
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Common Cryptocurrency Scams
- Romance Scams – Scammers pose as online romantic partners or trusted friends and build emotional relationships with victims before convincing them to send money via cryptocurrency ATMs.
- Investment Scams – Fraudsters promote fake investment opportunities and promise guaranteed high returns. Legitimate investments never guarantee profits.
- Recovery Scams – Scammers contact previous fraud victims claiming they can recover lost funds. Victims are then asked to pay additional fees or transfer more money, resulting in further losses.
- Government or Utility Payment Scams – No government agency, law enforcement authority or utility provider will request payment in cryptocurrency.
- Fake Tech Support Scams – Scammers impersonate representatives from Microsoft, Apple, financial institutions or other trusted organisations. They falsely claim a device or account has been compromised and instruct victims to transfer funds into cryptocurrency as a security measure.
- Job Scams – Fraudsters pose as recruiters or employers and convince job seekers to send cryptocurrency to unlock tasks, secure employment opportunities or receive commissions.
Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile instrument with a high level of risk. Any news, opinions, research, data, or other information contained within this website is provided for news reporting purposes as general market commentary and does not constitute investment or trading advice.
