Cryptocurrency ATM scams on the rise as more than $3m lost in 12 months
Australian authorities received 150 reports of crypto ATM scams and fear that this is “just the tip of the iceberg.”
The Australian Federal Police is warning Australians of a rising trend in ATM-based cryptocurrency scams, with scam losses between January 1 2024 and January 1 2025, mounting to an estimated $3,107,600.
In that period, the Australian Cyber Security Centre’s ReportCyber website handled 150 crypto ATM scam reports, equating to one report every two-and-a-half days.
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Crypto ATMs allow individuals to exchange cash for cryptocurrency, and are often used by scammers pressuring or tricking their victims into sending them cryptocurrency.
The most common forms of crypto ATM fraud are investment scams, extortion via email, and romance scams. Half of those reporting scams were over 51, while the majority of victims were women.
According to AUSTRAC, $275 million moves through crypto ATMs in Australia every year, and a large volume of this may be related to scams if AUSTRACK’s intelligence is correct.
“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.”
Since 2019 the number of crypto ATMs in Australia has increased from 23 in 2019 to more than 1,600 in 2025. With more ATMS, more scammers are taking advantage of them; the AFP’s Joint Policing Cybercrime Coordination Centre is working with AUSTRACK’s Crypto ATM Taskforce to fight back against the scammers and protect Australians from any further losses.
Commander Marshall said there were common red flags to watch out for when being targeted by 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,” Commander Marshall 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.”
What to do if you think you’ve been scammed
- Stop all communication with the scammer.
- Do not send more money.
- Report it to police.
- Report it to Scamwatch to help other avoid similar scams.
- Notify your digital currency exchange provider.
David Hollingworth
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.