Crypto ATM scams have been ramped in Australia, and fraudsters are targeting older victims

Table of Contents

Crypto ATM scams are becoming a major issue in Australia, with the latest cases spending $2.5 million on victims.

Scammers are increasingly exploiting crypto ATMs to target vulnerable individuals, especially seniors, in the growing trend that raises alarms across Australia. In the most recent case reported, 15 Tasmania casualties lost an estimated $2.5 million, local media reported on Friday, June 11th.

According to Tasmanian police, many of the victims suffered “lifelong shock” from their losses. The average victim was 65 years old and lost around $165,000. In one case, the victim lost $750,000 in the fraud.

“In some cases, they delayed their retirement, said Tasmanian police detective Sergeant Turner.

These scams usually include scammers who pretend to be false and convince the victim to deposit their cash via a cryptographic ATM. Authorities say fraudsters adopt threats, threats and promises of high economic benefits, often creating a false sense of urgency to manipulate targets.

“The common scams that these victims were falling over were romance and investment scams. Government and authority fraud, technical assistance scams, too, get calls from agents who claim they aren’t.”

You might like it too: Crypto ATM banned in the city of Spokane, Washington, as fraud losses were mounted

Crypto ATMs become a tool for scammers

Cryptographic ATMs are increasingly preferred methods for fraudulent transfers. When a victim sends Crypto to a scammer’s wallet address, unlike standard bank transfers, transactions become irreversible, unlike standard bank transfers, which may provide a recovery mechanism.

Australian authorities are already aware of the issue and are responding to stricter regulations. Previously, on June 3, Australia imposed cash restrictions on crypto ATMS to curb this type of fraud.

Some countries went further, and on June 9th, New Zealand announced a ban on crypto ATMs. In New Zealand, the designated goal was to limit the ability of criminals to convert malicious cash into crypto.

read more: AI deepfake is the biggest threat of cryptography: bitget, slowmist, oval warning