National Australia Bank joins other major Australian banks in blocking payments to “high-risk” cryptocurrency exchanges to protect customers.
National Australia Bank (NAB) Announce On Monday, the company blocked some payments to “high-risk” cryptocurrency exchanges over the past few months to protect its customers.
Australians lost around $151 million to cryptocurrency-related scams last year, the lender said. NAB did not disclose which platforms it involved.
NAB to suspend millions of payments between March and July
In a statement, NAB said it “intervened” in payments worth more than $270 million, raising concerns about fraud over the past four months between March and July.
The bank said it took a number of measures to protect customers from scams. NAB Group Head of Investigations and Fraud Chris Sheehan said:
Introducing payment reminders, taking action against deception, and stopping the use of links in accidental text messages are key recent initiatives we’ve rolled out.
We are also now taking action to block some payments to high-risk cryptocurrency exchanges to further deter scammers.
“While many customers end up paying after being prompted, we see approximately $290,000 worth of payments being abandoned every day. This tells us that customers take the time to stop and think before paying.
While we’re focused on making banking simple and digital, we’ve added this extra friction to help alert customers to warning signs. We need to do everything we can to stop crime from happening. “
Australian banks take tougher steps to prevent customers from falling victim to scams
NAB joins Commonwealth Bank of Australia in restricting customer payments to “certain” exchanges due to crypto-related scams.
NAB further stated in its statement that nearly 50% of the fraudulent funds reported to the Australian Financial Crime Exchange in the last 30 days were related to cryptocurrencies.
Mr Sheehan noted:
These scammers are part of an organized transnational criminal syndicate. We are increasingly seeing them using cryptocurrency platforms to move stolen funds overseas quickly.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.