NAB blocks certain payments to high-risk cryptocurrency exchanges to reduce fraud losses.
Nearly half of the fraudulent funds reported to the Australian Financial Crimes Exchange were related to cryptocurrencies in the last 30 days, according to a major bank.
Scammers often use cryptocurrencies such as Bitcoin and Ether as they are difficult to track.
Cryptocurrency fraud is one of the fastest growing security threats, with Australians losing more than $221 million to cryptocurrency fraud last year, according to a major bank.
“These scammers are part of an organized transnational criminal group. More and more people are sending money overseas,” he said.
“We want to make these criminals as tough as possible and reduce the impact on our customers.”
In the past few months, all four major banks – CBA, Westpac, NAB and ANZ – have announced that they will block payments to certain cryptocurrency platforms.
$270 million in payments stopped
NAB said it had suspended more than $270 million worth of customer payments that raised fraud concerns from March to July this year.
The bank has introduced several measures over the past six months to crack down on fraud, including prompting payments and banning links in “unexpected” text messages from banks.
“Payment prompts include uncharacteristic activity-based checklists designed to allow customers to pause and confirm payments before hitting the submit button,” Sheehan said. .
“Many customers eventually complete their payment after receiving a prompt, but about $290,000 worth of payments are abandoned every day. It shows that
A NAB survey found that four out of 10 customers would be “extremely happy” to pay later if they had better protection from fraudsters.