Latest news with #GraemeMarshall
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.
Epoch Times
23-05-2025
- Business
- Epoch Times
Australians Lose $13.7M to Fake Job Ads Amid Cost-of-Living Strain
A major crackdown has removed 29,000 scam accounts and 1,850 fake job ads, the National Anti-Scam Centre's new report revealed. Reported job scam losses jumped 151 percent from 2022 to 2023. In 2024 alone, Scamwatch logged over 3,000 reports, with $13.7 million in losses—around 5 percent higher than the average scam. The joint taskforce, active from September 2024 to March 2025, included police, government agencies, academics, and tech companies. It was launched in response to a spike in job scams targeting financially vulnerable Australians. 'Scammers are increasingly preying on people seeking relief from cost-of-living pressures,' said ACCC Deputy Chair Catriona Lowe. 'These scams disproportionately impact people on low incomes, culturally and linguistically diverse communities, international students, non-resident visa holders, people with caring responsibilities, and others with limited employment options.' Targeting Health, Crypto, and Government Impersonation The Taskforce partnered with Meta to remove thousands of scam accounts and referring 836 cryptocurrency wallets for investigation. Many were blocked or blacklisted. Nearly 2,000 scam-hosting websites and fraudulent job ads were also flagged for takedown. Related Stories 2/14/2025 1/23/2023 Authorities said scammers impersonated well-known Australian government departments, including Foreign Affairs, Home Affairs and APSJobs, to appear legitimate. Healthcare providers were another key target, with fake job offers used to harvest personal data or solicit upfront payments. To tackle it, the Anti-Scam Centre gave targeted advice to over 40 healthcare providers, helping eliminate most scams in that sector by March 2025. It also ran awareness campaigns and forums in universities to help vulnerable groups spot fake job ads. AFP Warns of Sophisticated Crime Networks The report follows a recent Australian Federal Police (AFP) operation that exposed a similar scam network. The AFP reported that in January 2025, over $4.2 million was lost to job scams. 'These job ads offer hope to people who are struggling, only to leave them worse off and in some cases entangled in serious criminal activity,' said AFP Commander Graeme Marshall. The AFP's cybercrime team found criminal groups offering fake 'side hustles' promising generous monthly incomes and commissions, but rarely deliver. Criminals are preying on Australians looking for flexible or remote work, offering so-called that turn out to be fraudulent. Fake ads offering quick cash—like '$1000 a month for 1-3 hours a day'—are designed to exploit financial desperation. Victims are often asked to invest upfront, sometimes receiving small payments to build trust, before being asked for more money to access 'better' tasks. Others are tricked into paying fake training or equipment fees or handing over sensitive information like bank and passport details—data later used to commit identity fraud and financial crimes.
