00:00Dorothy Dial lost her life savings in a scam involving a crypto ATM.
00:07They are very, very convincing. I mean, I'm a person who is aware of scam.
00:13The pensioner was tricked into withdrawing cash and depositing it into a Bitcoin ATM at a local grocery store.
00:21So he says now you walk into the supermarket and don't talk to anybody all the time.
00:28Australians are losing millions to crypto ATM scams as criminals exploit the machines as banks crack down on suspicious transactions.
00:38It's a very direct way to move cash into an offshore account quickly and without any face-to-face interaction.
00:46AUSTRAC has shut down one operator and hit another with a fine for weaknesses in its money laundering controls.
00:54But despite the financial crimes regulator also announcing $5,000 transaction limits in June, another 200 machines have popped up around the country, bringing the total to more than 2,000.
01:07Operators argue the machines provide a legitimate way for customers to buy cryptocurrency.
01:13The Federal Government has flagged new powers for AUSTRAC to crack down on crypto ATM operators, but has so far ruled out an outright ban.
01:23It's a step that's already been taken in countries like the United Kingdom and New Zealand.
01:28It's also something consumer advocates and banks here are calling for.
01:33Ultimately, the only way to effectively stop scams through crypto ATMs is to ban crypto ATMs.
01:41For Dorothy, any reforms will come too late.
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