NAB has introduced additional measures to safeguard customers by restricting certain payments to cryptocurrency exchanges that pose higher risks.
The bank mentioned that nearly half of the fraudulent funds reported to the Australian Financial Crimes Exchange in a recent month were associated with cryptocurrency. NAB is part of an independent effort that joins:
- Businesses
- Government entities
- Law enforcement agencies
- Industry groups to combat financial and cyber crimes.
Cryptocurrency scams are becoming a rapidly increasing security problem, and Australians lost over $221 million to these scams last year. NAB has taken action to prevent scams by stopping over $270 million of customer payments that raised concerns about being scams. Data from the NAB app reveals that when customers received a payment request in real-time on the app, 12% of payments were cancelled.
Chris Sheehan reported that various actions implemented in the past half-year have proven effective in safeguarding customers against fraudulent activities.
Mr Sheehan said:
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. We’re now also taking action to block some payments to high-risk cryptocurrency exchanges in a further effort to stop scammers.
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