<ul><li>An investigation by AUSTRAC revealed compliance failures by crypto ATM operators, leading to stricter conditions for their operations.</li><li>Australians over 50 accounted for 72% of crypto ATM transactions by value, with 60-70-year-olds making up 29%.</li><li>Australia's crypto ATM market has grown rapidly, exceeding 1,800 machines from 23 in 2019.</li><li>CATM users are at risk of scams and fraud, with over 60-year-olds being frequent victims.</li><li>Australia reports $3 million losses to CATM scams, with over half of victims aged above 51.</li><li>Global CATM scam losses exceed $246 million, with substantial losses among the elderly.</li><li>AUSTRAC imposed a $5,000 cash deposit limit and other safeguards to combat CATM fraud.</li><li>One CATM operator lost registration due to risks of exploitation, prompting calls for further crypto industry regulation.</li><li>Elderly individuals are coerced by scammers to use CATMs for illicit activities, leading to substantial financial losses.</li><li>Scam victims are deceived into laundering cash through CATMs, highlighting the need for enhanced consumer protections and industry regulations.</li></ul>

Crypto ATM Scams Rip Off Aussies: Seniors Bear the Brunt

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