Australia’s financial watchdog and federal police are warning that scams using crypto ATMs are draining wallets across the country. Between January 2024 and January 2025, 150 people filed unique reports with ReportCyber about crypto ATM scams , and those losses topped A$3.1 million (about US$2 million). Many older Australians are being targeted, and regulators are scrambling to put safer rules in place. Operators Face New Transaction Caps According to the Australian Transaction Reports and Analysis Centre (AUSTRAC), a new rule now limits cash deposits and withdrawals at crypto ATMs to A$5,000 (around US$3,250). Operators must also put up clear scam warning signs, keep a closer eye on every transaction, and step up checks on customers. These measures began on June 3. Right now, they only apply to ATM providers, but AUSTRAC says crypto exchanges should think about doing the same if they let people use cash to buy crypto . AUSTRAC CEO Brendan Thomas mentioned that these conditions will be watched closely and could change if they aren’t working as planned. Seniors At Higher Risk Based on reports from AUSTRAC’s task force, most people who use cash to buy crypto at ATMs are over 50, and about 72% of all transaction value comes from this older age group. It’s a big worry because many in their 60s and 70s end up as victims of scams. Scammers often tell them to send money to a crypto ATM to “prove” an investment or to recover stolen funds. Many victims don’t even realize they’ve been scammed until it’s too late. That’s partly why AUSTRAC wants stronger “know your customer” checks right at the kiosk. Public Reporting Remains Low AFP Commander Graeme Marshall says that a lot of people who lose money don’t report it. Sometimes they feel too embarrassed. Other times, they just don’t know how to get help. Marshall encouraged anyone who has been scammed to tell their family and friends about it. People need to share what happened so others won’t fall into the same trap. Right now, with 150 reports logged over 12 months, the Australian Federal Police (AFP ) thinks those numbers are just scratching the surface. They believe many more scams are happening without being recorded. Rising Number Of ATMs Australia used to have very few crypto ATMs—just 67 in August 2022. But by June 2025, that number had exploded to nearly 1,820. That makes Australia the third-largest market for these machines in the world. In a single year, almost 150,000 cash-based transactions went through, moving roughly A$275 million (about US$178 million) into Bitcoin, Ether, and various stablecoins. Private firms like Localcoin (753 machines), Coinflip (700), and Bitcoin Depot (182) lead the pack. With more ATMs popping up, there’s more chance for scammers to trick people, especially if operators aren’t watching closely. Featured image from Gemini, chart from TradingView
