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.

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

Off the Grid’s GUN Token Expands to Solana, NFT Sales Surge

Off the Grid's GUN token expanded to the Solana network to make access easier...

MicroStrategy Rises on Bitcoin Surge, Eyes $14B Unrealized Gains

MicroStrategy shares gained 6.5% over the last week, closely tracking Bitcoin’s surge to all-time...

Strategy to Resume Bitcoin Buys After $4.2B Raise, Saylor Signals

Strategy plans to resume its Bitcoin purchases following a short pause last week. The company...

Russia Urges BRICS to Drop US Dollar in Major De-Dollarization Push

Russia has launched a major initiative to remove the U.S. dollar from trade among...

Bitcoin Hits Record High as Wild Satoshi Nakamoto Theory Emerges

Bitcoin reached a new all-time high, nearing $119,000, pushing the total crypto market value...

Must Read

What Is the Dencun Upgrade for Ethereum?

The Dencun Upgrade for Ethereum is poised to revolutionize the blockchain landscape, offering improved scalability, efficiency, and groundbreaking features. Set to launch at the...