Latest news with #BrendanThomas
Yahoo
2 days ago
- Business
- Yahoo
Australia Cracks Down on Crypto ATM Providers as Scammers Target the Elderly
Australia's anti-money laundering regulator, AUSTRAC, enacted a series of measures for crypto ATM providers to clamp down on scammers using the devices to target the elderly. AUSTRAC is putting a $5,000 limit on crypto ATM cash deposits and withdrawals, requiring operators to enhance their customer due diligence obligations, include scam warnings and monitor transactions, CEO Brendan Thomas said in a statement on Monday. The response follows data that showed the ATMs were being used for scam and fraud-related transactions, and that scammers were targeting older members of the population. The regulator obtained data from nine crypto ATM providers that revealed crypto users over the age of 50 accounted for 72% of all transactions and 60-to-70 year olds for 29% of transactions. 'It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60-70 year old users are victims of scam activity,' Thomas said. Australia has the highest numbers of crypto ATMs in the Asia Pacific region, a number that is increasing. The nation has some 1,600 machines in use, up from just 23 in 2019, AUSTRAC said. Almost 150,000 transactions occur annually and $275 million is being moved using crypto ATMs to mostly purchase bitcoin BTC, Tether's USDT and ether ETH, the statement added. The regulator also said it refused to renew the registration of Harro's Empires because it found its crypto ATMs could be exploited. Austrac has also been warning crypto ATM providers to register with it and have the correct money laundering checks in place.
The Star
2 days ago
- Business
- The Star
Australia cracks down on crypto ATMs as scams, fraud uncovered
A Bitcoin ATM at a mall. Austrac 'has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions', Thomas said in a statement. — Bloomberg Australia's financial crimes agency placed curbs on cryptocurrency automatic teller machines as the surging number of kiosks increasingly attract fraudsters and scammers. The Australian Transaction Reports and Analysis Centre, known as Austrac, placed a A$5,000 (R M13,743 ) limit on cash deposits and withdrawals as part of new measures to safeguard consumers, according to a statement on June 3. It's also refused to renew the registration of one crypto ATM provider. Austrac "has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions,' chief executive officer Brendan Thomas said in the statement. It's also introduced "enhanced customer due diligence obligations, mandatory scam warnings, and requirements for more robust transaction monitoring.' Crypto ATMs have boomed in Australia over the past several years. There are now more than 1,800 machines in the country compared to just 23 in 2019, according to Austrac data. Customers aged 50 and older accounted for almost 72% of all crypto ATM transactions by value, with those between 60 and 70 representing 29%. Austrac warned late last year that cryptocurrencies posed a heightened criminal risk. The agency said Tuesday it also expects digital currency exchanges to consider imposing similar limits to those announced, if they accept cash for crypto transactions. "I would warn anybody who is asked to use one of these machines to send funds to someone to stop and think twice,' Thomas said. – Bloomberg
The Advertiser
3 days ago
- Business
- The Advertiser
Hammer falls on crypto ATMs over scams, laundering
Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said. Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said. Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said. Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said.
Yahoo
3 days ago
- Business
- Yahoo
Hammer falls on crypto ATMs over scams, laundering
Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said. Sign in to access your portfolio
Perth Now
3 days ago
- Business
- Perth Now
Hammer falls on crypto ATMs over scams, laundering
Australian authorities are targeting cryptocurrency ATMs and tightening regulations amid reports of widespread scamming and money laundering. Anti-money laundering regulator AUSTRAC has refused to renew a crypto ATM operator's licence and introduced transaction limited and tougher requirements to prevent cybercriminals from using the machines to extract money from victims. Crypto ATMs allow people to buy cryptocurrency with cash and send tokens to a digital wallet. Over several months, an AUSTRAC taskforce investigating their use uncovered activity linked to scams, fraud and other illegal ventures, the organisation's chief executive Brendan Thomas said. "The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions," he said. Analysis of data from nine crypto ATM providers found most users (79 per cent) were above 50 years old and 29 per cent of users were aged between 60 and 70. "It is a huge concern that people in this demographic are over-represented as customers using cash to purchase cryptocurrency and, as evidence suggests, that a large number of 60 to 70 year old users are victims of scam activity." The Australian Federal Police said Australia's online cybercrime reporting system had received 150 unique reports of scams using crypto ATMs in 2024, with estimated losses of more than $3.1 million. While the figure was relatively small compared to the $119 million in total financial scam losses reported to Scamwatch in the first four months of 2025, the AFP believes crypto ATM scam losses are under-reported. "Intelligence on crypto ATMs suggests everyday Australians are losing significant funds to crypto ATM scams, significantly more than is currently being reported to authorities," AFP Commander Graeme Marshall said. "This could be because victims don't realise they've been the victim of a crime, they don't know how to report scam activity, or they feel embarrassed because they were scammed." Australia has the third-most crypto ATMs in the world, behind the United States and Canada, with more than 1800 across the nation and increasing more than 15-fold in two years. Around $275 million was moved through crypto ATMs nationally in 2024. AUSTRAC's new measures, which include tougher diligence obligations, mandatory scam warnings and better transaction monitoring was a flashing red light for the sector, Swinburne University emerging technologies specialist Dimitrios Salampasis said. "But beyond the numbers and policy responses lies a human tragedy that must not be ignored: the severe and often irreversible impact on scam victims - particularly the elderly," Professor Salampasis said. "The elderly are disproportionately targeted by these sophisticated schemes being manipulated into draining their life savings through crypto ATMs under the illusion of helping a loved one, paying a false debt, or investing in a fake opportunity." While AUSTRAC's measures were a good first step, Australia needed human-centred policy, real-time accountability, and a justice system that recognised the impact of cryptocurrency-enabled crime, Prof Salampsis said.
