Crypto ATM Scams Target Elderly Australians, Resulting in Millions Lost

Crypto ATM scams are surging across Australia, with fraudsters increasingly preying on vulnerable individuals, particularly the elderly. The latest incident involved 15 victims in Tasmania who collectively lost $2.5 million. The average victim was 65 years old, with losses averaging $165,000—one individual suffered a devastating $750,000 hit.

Authorities report lifelong financial consequences for victims, including delayed retirements, forced asset sales, and reliance on social services. Scammers deploy high-pressure tactics, leveraging false promises of investment returns, romance scams, or impersonation of government agencies to manipulate targets into depositing cash via crypto ATMs.

Tasmania Police Detective Sergeant Turner emphasized the sophistication of these schemes, noting threats and fabricated urgency as common tools. The trend highlights regulatory gaps in monitoring crypto ATM usage despite growing adoption of digital assets.