Australia Bank Blocks Crypto Exchanges Payment
National Australia Bank blocked payments to high-risk cryptocurrency exchanges to protect customers. The bank intervened in over $183.8 million worth of payments between March and July, raising scam concerns. The bank did not disclose the number of alerts triggered by crypto-related scams.
“Introducing payment prompts, taking action on spoofing and stopping the use of links in unexpected text messages are among key measures we’ve introduced recently,” Chris Sheehan, NAB Executive for Group Investigations and Fraud, said in the statement.
Australian banks have increased caution about potential crypto scams, with nearly 50% of scam funds linked to cryptocurrency in a 30-day period. NAB reported losses of over $150.5 million last year due to crypto-related scams.
(With inputs from Shikha Singh)
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