Australia restricts encrypted ATM providers due to elderly fraud risk

Foresight News reported that Australian anti money laundering regulator AUSTRAC has restricted cryptocurrency ATM providers due to the risk of elderly fraud, including setting a $5000 limit on cryptocurrency ATM cash deposits and withdrawals, and requiring operators to strengthen their customer due diligence obligations, including fraud warnings and monitoring of transactions. Regulatory data shows that encrypted ATMs are often used for fraud and fraud related transactions, and fraudsters often target elderly people, with users over 50 years old accounting for 72% of all transactions and users aged 60 to 70 accounting for 29% of transactions.