Senior Citizens Losing Millions to Crypto ATM Scams – Australia Takes Action
Australia’s financial intelligence authority has stepped up efforts to combat cryptocurrency scams by carrying out brand-new constraints on crypto ATMs, a commonly used channel for scammers targeting vulnerable users.
Today, the Australian Deal Reports and Analysis Centre (AUSTRAC) rolled out a set of updated operational guidelines for crypto ATM operators. The key provision includes a cap of AUD 5,000 on both withdrawals and deposits. In addition, AUSTRAC mandates that ATM kiosks now display scam warning signage and implement enhanced transaction tracking and due diligence procedures for users. These changes mark a significant regulatory shift for the crypto ATM industry in Australia and come amidst growing reports of fraudulent activity.
Fraud Victims Overwhelmingly Older Australians
The regulatory crackdown follows findings from an AUSTRAC-led task force that examined transaction data from nine significant crypto ATM providers. According to data from the United States Federal Trade Commission, people 60 and older are 3 times more likely to report being scammed by Crypto ATMs. Older individuals are disproportionately targeted for crypto ATM scams because scammers often view seniors as financially secure, with substantial retirement savings or pensions.
Australian Federal Police Data Highlights Growing Risk
The Australian Federal Police (AFP) reinforced these concerns, citing a significant rise in reported scams involving crypto ATMs. Between January 2024 and January 2025, the country’s cybercrime reporting system– ReportCyber– received 150 unique reports involving scams via these kiosks. This uptick has triggered coordinated action from both AUSTRAC and law enforcement, aimed at shutting down scam vectors and protecting at-risk customers.
Exchanges Advised to Self-Regulate on Cash Deals
Although the new rules directly apply only to crypto ATM operators, AUSTRAC has issued a strong recommendation to crypto exchanges across Australia to follow suit.
