Picture this, a 77-year-old widow, trusting, hopeful, thinking she’s found love online.
Instead, she ends up handing over her life savings, $433,000 Australian dollars, that’s about $282,000 USD, to a scammer. Crypto ATMs have become the new playground for scammers.
Romance scams
The Australian Federal Police, together with AUSTRAC, have been on a mission, contacting over 90 people tangled up in crypto ATM scams. Some are victims, others suspected offenders.
The 77-year-old widow’s story is the headline act. For two years, she was sweet-talked by a “Belgian” man she met on a dating app.
He showed her fake docs, bragging about making $13,000 AUD in a week investing in Bitcoin. She got hooked.
The scammer coached her on how to withdraw cash from a regular ATM and then feed it into a Bitcoin ATM.
She became so good at it, she said it often took half a day’s work to send the money. At one point, she was carrying around $20,000 AUD in cash just to keep up with the scam. Over 18 months, she lost everything she’d saved in 40 years.
Imagine telling your kid, I gave my entire life savings away, to a stranger on the internet. That’s heartbreak, plain and simple.
Bad actors
AUSTRAC CEO Brendan Thomas revealed another woman in her 70s lost over $200,000 after falling for a fake trading firm ad.
So it’s not just romance scams actually, these crypto ATM cons are coming from all angles.
The police crackdown has targeted top crypto ATM users flagged for suspicious activity. They reached out to 21 people, some victims, some alleged criminals.
One person got charged with property laundering, four others got formal warnings for suspected drug buys or acting as money mules.
But here’s the twist, some of those “mules” were victims themselves, unknowingly helping criminals or trying to get their stolen cash back. Denial runs deep when cybercriminals pull the wool over your eyes.
There’s no free lunch
AFP Commander Graeme Marshall put it bluntly, and said if someone you barely know is pushing you to send crypto fast, promising quick profits or love, stop. Walk away. Report it.
Because once that crypto is gone, it’s gone forever. For comparison, between January 2024 and January 2025, Australia’s cybercrime hotline got 150 reports about crypto ATM scams, with losses topping $2 million USD. That’s a lot of pain, a lot of broken trust.
So, if you see someone lugging around cash like it’s their new briefcase, or if your Auntie suddenly knows more about Bitcoin ATMs than you do, maybe it’s time for a chat.
Crypto’s shiny, sure, but it’s also a playground for the ruthless. Stay sharp. Stay safe.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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