Commonwealth Bank of Australia Implements Anti-Fraud Measures, Blocks Payments at Cryptocurrency Exchanges

Australia's largest bank takes action to mitigate fraud risks associated with cryptocurrency transactions, following in the footsteps of other financial institutions.

The Commonwealth Bank of Australia (CBA) announced today that it will block certain payments, at some cryptocurrency exchanges as part of a series of new anti-fraud measures that will restrict customers’ cryptocurrency payments, Reuters reports.

- Advertisement -

A spokesman for CBA, the country’s largest bank, declined to name the exchanges for which the measure would apply.

The bank said it will also hold some payments at exchanges for 24 hours from today and will soon introduce a monthly transfer limit of A$10,000 (US$6,666). The CBA spokesman declined to say whether these measures would apply to all exchanges or to some.

“Customers making payments on cryptocurrency exchanges currently face a significantly higher risk of becoming victims of fraud,” James Roberts, general manager of CBA Group’s fraud management services, said in a statement accompanying the decision.

Westpac Bank blocked some cryptocurrency payments last month to reduce fraud losses. It did not identify the exchanges either.

- Advertisement -

The decision comes weeks after Binance Australia told customers they would lose access to deposits and withdrawals in Australian dollars because payment provider Cuscal cut off access.

READ NEXT

Previous Articles:

- Advertisement -

Latest News

IBM, Signal, Threema Prep Messaging for Quantum Attack

IBM is collaborating with Signal and Threema to create messaging protocols resistant to quantum...

Ohio Court Denies Kalshi Injunction Against State Regulators

A federal court in Ohio denied Kalshi's request to block state authorities from regulating...

Trump’s Crypto Token Hits Record Low Amid Approval Ratings Slide

The Official Trump (TRUMP) meme coin on Solana has reached its lowest price since...

Theta EdgeCloud Now Accepts TDROP for AI Compute

Theta EdgeCloud now accepts TDROP tokens for payment across its AI compute services.This integration...

Farage aide’s £41k bet on prolonged U.S.-Iran war

Reform UK aide George Cottrell has placed a $41,000 bet against a U.S.-Iran ceasefire...

Must Read

Top 9 Most Legit Bitcoin Faucets

Bitcoin faucets are platforms where you can earn Bitcoin free. Some other faucet apps and websites allow users to receive different cryptocurrencies for free....