In an effort to combat the rising incidents of crypto-related scams and protect its customers from financial losses, the Commonwealth Bank of Australia has taken decisive action.
The bank has introduced new measures that limit customers’ ability to send money to cryptocurrency exchanges. These proactive steps aim to reduce the occurrence of scams and safeguard customers’ funds.
The Commonwealth Bank of Australia has announced that it will now decline or hold certain payments to crypto exchanges, effectively preventing customers from completing such transactions.
Additionally, the bank plans to implement a monthly limit of $10,000 (AUD) on outbound payments to cryptocurrency exchanges.
These restrictions are intended to provide a layer of protection for customers and minimize the financial risks associated with crypto-related scams.
The decision to impose payment limitations and enhanced scrutiny on transactions involving crypto exchanges come as a response to the alarming increase in scam activities.
Customers have been falling victim to various fraudulent schemes, resulting in substantial financial losses. By implementing 24-hour holds, payment declines, and monthly limits, the Commonwealth Bank aims to reduce both the frequency of scams and the magnitude of losses suffered by its customers.
James Roberts, the general manager of group fraud management services at Commonwealth Bank, emphasized the importance of these measures in safeguarding customers’ interests. The bank’s proactive approach reflects its commitment to protecting customers from the risks associated with crypto scams.