The Australian federal police have reportedly reached out to over 90 individuals in a recent crackdown on criminal activity related to cryptocurrency ATMs. This includes both victims and suspected offenders of these crimes. Shockingly, one of the victims is a 77-year-old widow who was tricked into transferring 433,000 Australian dollars ($281,947) in a deceptive online dating scheme.
According to a Wednesday report by Australia’s financial intelligence agency, AUSTRAC, the widow had been engaged in an online relationship with a man from Belgium for two years before discovering his true fraudulent nature. The elderly woman was completely oblivious to his fraudulent activities until the authorities showed up at her doorstep.
The unsuspecting victim was convinced by the scammer, whom she had met on a dating application, to invest in Bitcoin by showing her counterfeit documents stating that he had earned 13,000 Australian dollars ($8,464) in just a week. The fraudster guided her through her initial transaction, which required her to withdraw money from a standard ATM and then deposit it into a Bitcoin ATM. Over the course of 18 months, she ended up depleting her life savings.
The woman admitted to carrying around 20,000 Australian dollars ($13,023) in cash at one time. The transactions were time-consuming and took up to half a day’s work, which eventually led her to become quite proficient in using the Bitcoin ATM.
Brendan Thomas, CEO of AUSTRAC, highlighted another case of a woman in her 70s who lost over $200,000 after falling for a fraudulent trading firm advertisement promising substantial returns on her investment.
The police have arrested one person on charges of property laundering, while four others have been given formal cautions on suspicion of using cryptocurrency to purchase drugs or acting as money mules for criminals. Some of these suspected mules were also victims of scams, who had either unknowingly aided criminals or had deliberately transferred funds in an attempt to retrieve their stolen money.
The recent crackdown by AUSTRAC follows the introduction of new operational rules and transaction limits for cryptocurrency ATM operators on June 3, in an attempt to fight against scams. The agency has identified cryptocurrency as a key focus area for 2025.
Graeme Marshall, AFP Commander, warned scam victims about the dangers of transferring large sums of money into cryptocurrency ATMs under the false pretenses of love or investment opportunities. If anyone guarantees quick profits or creates a sense of urgency, or if the person is a stranger, contact should be severed immediately and the incident should be reported.
ReportCyber, Australia’s online cybercrime reporting portal, received 150 unique reports of scams involving cryptocurrency ATMs between January 2024 and January 2025, with losses exceeding 3.1 million Australian dollars ($2 million).
