Crypto ATM scams run rampant in Australia, scammers target older victims
2025-07-11 13:02:14
Main Idea
Crypto ATM scams are increasingly targeting vulnerable individuals in Australia, causing significant financial losses and prompting regulatory actions.
Key Points
1. Victims of crypto ATM scams in Australia, averaging 65 years old, suffer lifelong financial impacts, with losses ranging up to $750,000.
2. Scammers use false urgency and impersonation tactics to manipulate victims into transferring funds through crypto ATMs.
3. Australia has imposed cash limits on crypto ATMs to curb scams, while New Zealand has banned them outright.
4. Crypto ATM scams are favored by fraudsters due to the irreversible nature of transactions, unlike traditional bank transfers.
5. The financial damage from these scams has forced some victims to delay retirement, sell assets, and rely on social services.
Description
Crypto ATM scams are becoming a major problem in Australia, with the latest case costing victims $2.5 million. Scammers are increasingly exploiting crypto ATMs to target vulnerable individuals, particularly the elderly, in a growing trend that’s raising alarms across Australia. In the latest reported case, 15 victims from Tasmania lost an estimated $2.5 million, local media reported on Friday, June 11. According to Tasmania Police, many of the victims suffered “lifelong impact” from the losses. ...
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