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Australia’s Commonwealth Bank introduced new processes to help protect customers from scams associated with making payments to certain crypto exchanges.
Commonwealth Bank in Australia on Thursday introduced new measures to protect customers from possible scam risks associated with making payments to “certain” crypto exchanges. The bank announced it would decline or hold certain payments to crypto exchanges for 24 hours.
It further said in the coming months, it would introduce AU$10,000 ($6,700) limits in a calendar month, giving the bank time to identify the customer payments to exchanges for crypto purchases.
The bank added that it would closely monitor its new measure’s efficacy, saying they are subject to ongoing review.
James Roberts, Commonwealth Bank General Manager of Group Fraud Management Services, said:
Consumer interest in cryptocurrencies has been increasing, and unfortunately scammers globally are capitalising on this trend and masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges.
The introduction of 24-hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers.
Measures Will Note Eliminate Scam Risk
While the measures will not do away with scam risks, they are designed to reduce customers’ risk of falling victim to a scam.
Mr Robert further stated:
Customers who make payments to cryptocurrency exchanges are currently facing a significantly higher risk of potentially being scammed.
While these measures will not eliminate the risk of customers suffering losses as a result of a scam that involves a payment to a cryptocurrency exchange, they are part of a range of initiatives designed to help customers reduce their risk of falling victim to a scam.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.