The CBA is now taking steps to help stop its customers from being scammed when making payments to cryptocurrency exchanges.
Starting today, CBA will either reject or pause payments to cryptocurrency exchanges for a period of 24 hours. In the future, customers will only be able to transfer up to $10,000 per month to these exchanges if the Bank can identify the purpose of the payment.
Commonwealth Bank General Manager of Group Fraud Management Services, James Roberts, 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. With the incidences of scams increasing and in many cases customers suffering significant losses from being scammed, 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.
CBA is paying close attention to how these scam-prevention measures are affecting people and circumstances, and these measures will be monitored and reviewed regularly. In addition, they are offering their NameCheck anti-fraud technology to businesses in Australia so they can fight scams and fraud.
Account NameCheck helps CommBank App, NetBank, and CommBiz customers get it right when sending money. Using cutting-edge technology and payment data, Account NameCheck can give customers an indication if the details they entered are correct.
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