National Australia Bank Takes a Stand Against High-Risk Crypto Exchanges
In Brief
With an aim to safeguard its clientele from the threats posed by speculative cryptocurrency exchanges and to tackle crypto-related fraud within Australia, NAB has implemented a series of precautionary steps.
National Australia Bank ( NAB ) has taken decisive action The bank has taken proactive measures against potential fraudulent activities by halting payments to various high-risk cryptocurrency exchanges.
Between March and July, NAB intervened to block over A$270 million (approximately $183.8 million) in transactions due to scam-related apprehensions. Although the bank did not disclose the exact percentage of these transactions tied to cryptocurrency fraud, it confirmed that it has established restrictions on payments to specific high-risk exchanges.
To enhance customer safety, National Australia Bank has rolled out numerous initiatives. These include prompt notifications for payments, measures against spoofing attempts, and limitations on linking to unsolicited messages. Additionally, the bank has prohibited certain transactions with high-risk cryptocurrency exchanges. Although the specific exchanges remain undisclosed, NAB noted that Australians reported losses exceeding A$221 million (around $150.5 million) from crypto-related scams last year.
NAB and Other Banks
BREAKING: National Australia Bank Suspends Access To #Crypto Exchanges.
— Breaking Whale (@BreakingWhale) July 17, 2023
NAB isn't operating in isolation; just last month, Commonwealth Bank of Australia also limited its customers’ transactions with crypto exchanges, driven by similar scam-related concerns.
Recent data highlighted by NAB revealed that nearly half of the reported scam funds received by the Australian Financial Crimes Exchange during a 30-day timeframe were linked to cryptocurrencies. NAB’s Executive for Group Investigations and Fraud stressed the gravity of the situation, remarking, \"These scammers belong to organized, transnational crime syndicates. We're increasingly seeing them leveraging cryptocurrency platforms to rapidly move stolen assets, often beyond borders.\" This decisive action by the bank underscores its commitment to eradicating crypto-related fraud in Australia and ensuring the safety of its customers. Soon, Australian consumers will have the opportunity to utilize Chris Sheehan Revolut Launches Business Banking Feature in Australia, Aiming for a Banking License
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