Cryptocurrency ATM Scams Rising: How to Protect Your Money

• Cryptocurrency
• Financial Safety
• Scam Prevention

Learn how cryptocurrency ATM scams work, who’s being targeted, and practical tips to protect yourself from becoming a victim.

The Growing Threat of Cryptocurrency ATM Scams

Police across Australia, including the ACT, have raised alarms over the increasing incidents involving cryptocurrency ATM scams. These machines, which look like traditional ATMs, allow users to deposit cash that is converted into cryptocurrency, making them ideal targets for scammers.

According to the Australian Federal Police (AFP), cryptocurrency ATM numbers have soared from just 23 machines in 2019 to over 1,800 today, providing scammers with greater opportunities to target victims anonymously.

How Cryptocurrency ATM Scams Work

Criminals exploit cryptocurrency ATMs to deceive victims into depositing cash for fake purposes such as romance, investments, government fees, or quick profits. Scammers particularly target older Australians, often aged 50 and above, who represent more than 70% of transaction value at these machines.

Common tactics scammers use include:

• Romance Scams: Pretending to be an online love interest, scammers manipulate victims into sending money via crypto ATMs.
• Investment Scams: Promises of high returns from fake cryptocurrency investments lure unsuspecting victims.
• Government and Utility Scams: Scammers demand immediate cryptocurrency payments, falsely claiming unpaid bills or taxes.
• Tech Support Scams: Criminals pose as trusted representatives from Apple, Microsoft, or banks to trick victims into transferring funds.
• Job Scams: Victims pay upfront in cryptocurrency for training or employment opportunities that never materialise.

Recent Scam Statistics

In 2024 alone, cryptocurrency ATM-related scams resulted in losses exceeding $3 million across Australia, according to the Australian Signals Directorate's ReportCyber.

Warning Signs of Cryptocurrency ATM Scams

• Requests to transfer funds urgently through cryptocurrency.
• Promised high returns or quick profits.
• Pressure to make immediate transactions without time to think.
• Requests from people you've only met online.

How to Protect Yourself from Cryptocurrency ATM Scams

• Pause and Question: If someone you haven't met asks for cryptocurrency payments, stop and think carefully.
• Verify Independently: Double-check requests with trusted sources or your financial institution.
• Avoid Immediate Transfers: Refuse urgent, pressured demands to deposit cash into cryptocurrency ATMs.
• Cut Contact: Immediately end communication with suspected scammers.
• Report Immediately: Inform your bank and ReportCyber as soon as you suspect a scam.

What to Do if You've Been Scammed

If you think you've fallen victim to a cryptocurrency ATM scam, take the following immediate steps:

• Cease all contact with the scammer.
• Alert your bank or cryptocurrency exchange immediately.
• Do not send any more money.
• Report the incident promptly to authorities.

Stay Vigilant to Keep Your Money Safe

Cryptocurrency ATM scams are a growing threat, but being informed and cautious can significantly reduce your risk of becoming a victim. Stay alert and question any request involving cryptocurrency payments from unknown sources.