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.

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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.

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.

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.

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