National Australia Bank Halts Transactions with High-Risk Crypto Exchanges
In Brief
National Australia Bank (NAB) has taken steps to protect its customers from highrisk cryptocurrency exchanges and combat cryptorelated scams in Australia.
National Australia Bank (NAB) has taken decisive action against potential scams involving high-risk cryptocurrency exchanges. The bank has blocked payments to such exchanges in a bid to safeguard customers from potential fraudulent activity.
Between March and July, NAB intervened in payments exceeding A$270 million ($183.8 million) due to scam concerns. The bank did not specify the proportion of these transactions directly linked to cryptocurrency scams. However, it confirmed the implementation of blockades on payments to certain high-risk cryptocurrency exchanges.
For the sake of customer safety, National Australia Bank has adopted several measures. These include payment prompts, anti-spoofing action, and prohibition of links in unexpected text messages. Additionally, the bank has put a stop to certain payments to high-risk cryptocurrency exchanges. Despite not revealing the specific exchanges, NAB pointed out that Australians fell victim to crypto-related scams, resulting in losses over A$221 million ($150.5 million) last year.
NAB and Other Banks
JUST IN: National Australia Bank Blocks Access To #Crypto Exchanges.
— Breaking Whale (@BreakingWhale) July 17, 2023
NAB is not alone in taking such action. Last month, Commonwealth Bank of Australia similarly restricted its customers’ ability to transact with crypto exchanges due to concerns over scams.
NAB highlighted that almost 50% of scam funds reported to the Australian Financial Crimes Exchange were associated with cryptocurrency during a recent 30-day period. Chris Sheehan, NAB Executive for Group Investigations and Fraud, underscored the severity of the situation by stating, “these scammers are part of organized, transnational crime groups. Increasingly, we’re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas.” The bank’s move serves as a testament to its dedication to combating crypto-related scams in Australia and ensuring customer protection.
- Australian residents will soon be able to use cryptocurrency to pay for goods and services with a new virtual card.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
