Scams involving cryptocurrency ATMs
As the use of virtual assets like cryptocurrency becomes more common, opportunities for criminal abuse also increase.
AUSTRAC intelligence shows that cryptocurrency is increasingly being exploited for crimes including money laundering, scams and money mule activities. Cryptocurrency ATMs (Crypto ATMS) are especially vulnerable to criminal exploitation, as they provide a convenient method to rapidly convert cash to cryptocurrency.
It’s important to be aware of the risks of investing in cryptocurrency and make sure you aren’t being unwittingly used to move proceeds of crime.
Considerations when using Crypto ATMs
It’s important to be cautious when buying or selling cryptocurrency through any platform, including through Crypto ATMs. Make sure you only make transactions for yourself and that you use an address or account (e.g. digital wallet) that you own or control.
You should also be aware of the following information when considering using Crypto ATMs:
- Crypto ATMs are being used to receive funds related to scam and other criminal proceeds.
- Romance scammers may ask you to send them funds through Crypto ATMs.
- If someone asks you to buy cryptocurrency for a friend, you might be dealing in proceeds of crime. Only make transactions for yourself.
- Australian government agencies, utilities, and agencies that issue fines will never ask you to pay through Crypto ATMs.
- Sharing your cryptocurrency address or account details could see funds withdrawn in another country before you realise there is a problem.
- Cryptocurrency transactions are not reversible – if you buy cryptocurrency using an address or account you don’t control, you could lose your money.
More information and reporting scams
- For more information about the risks in investing in cryptocurrency, visit ASIC’s Money Smart website.
- If you think you’ve been scammed and you’re not sure what to do, find out what to do if you've been scammed on ASIC’s MoneySmart website.
- To report a suspected scam, visit Scamwatch.
- To report a cryptocurrency or online scam, visit ReportCyber.
- You cannot report scams to AUSTRAC.
The content on this website is general and is not legal advice. Before you make a decision or take a particular action based on the content on this website, you should check its accuracy, completeness, currency and relevance for your purposes. You may wish to seek independent professional advice.