National Australia Bank joins other large Australian banks to block payments to “high-risk” crypto exchanges to protect customers. National Australia Bank (NAB) announced Monday that it had blocked some payments to “high-risk” crypto exchanges over the past few months to protect its customers. The lender said Australians lost around $151 million last year due to crypto-related scams. The NAB did not disclose which platforms it involved. NAB Halts Millions in Payments Between March and July In a statement, the NAB said it “intervened” in more than AU$270 million worth of payments which raised concerns over scams in the past four months between March and July. The bank said it introduced several measures to protect its customers from scams. Chris Sheehan, the NAB’s Executive for Group Investigations and Fraud, 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. He added: “While many customers ultimately complete their payment after receiving a prompt, we’re seeing around $290,000 worth of payments abandoned daily. This tells us that customers are taking the time to stop and think before they make a payment. While we’re focused on making banking simple and digital, we’ve added this extra friction to help alert customers to warning signs. We need to do everything we can to stop the crime before it happens.” Australian Banks Become Stricter to Prevent Customers Falling Victim to Scams The NAB joins the Commonwealth Bank of Australia to restrict customer payments to “certain” exchanges due to crypto-related scams. The NAB further said in its statement that almost 50% of scam funds reported to the Australian Financial Crimes Exchange were linked to crypto in a recent 30-day period. Mr Sheehan noted: These scammers are part of organized, transnational crime groups. Increasingly, we’re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
