![]() ![]() Today’s announcement represents a sharp about-face for Commonwealth Bank, which announced in November 2021 that it would become the country's first main-street bank to offer a platform for retail customers to trade cryptocurrencies. “We are committed to being part of the broader solution with government, regulators, banks, telcos and other industry sectors to keep Australians safe.”Īustralia releases ‘token mapping' crypto classification system to guide regulation “Across Australia a whole-of-ecosystem approach is required to combat scams and CBA is committed to helping keep customers safe, as part of a broader national focus by government, regulators, banks and other industry sectors,” Roberts said. NameCheck uses advanced technology and available payment data to determine whether account details entered by a customer look correct, which helps ensure that money is being transferred to the correct account. The new measures come on the heels of an announcement that the CBA will be offering its NameCheck anti-fraud technology to external organizations that process payments in Australia as part of a broad national approach to help combat scams and frauds across the community. “While these measures will not eliminate the risk of customers suffering losses as a result of a scam that involves a payment to a cryptocurrency exchange, they are part of a range of initiatives designed to help customers reduce their risk of falling victim to a scam.” “Customers who make payments to cryptocurrency exchanges are currently facing a significantly higher risk of potentially being scammed,” Roberts said. The bank will closely monitor the impacts of the new scam response measures moving forward and will hold regular reviews to reevaluate if the measures need to be adjusted. “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.” “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,” said James Roberts, Commonwealth Bank General Manager of Group Fraud Management Services. Securities and Exchange Commission (SEC) while major Australian bank Westpac has banned customers from transacting with Binance. This move by CBA comes as the two largest cryptocurrency exchanges in the world – Binance and Coinbase – are facing lawsuits from the U.S. “In coming months the Bank will also introduce $10,000 limits in a calendar month where the Bank can identify the customer payments are to exchanges for cryptocurrency purchases.” ![]() “From today, CBA will decline or hold for 24 hours certain payments to cryptocurrency exchanges,” the bank said in the press release. ( Kitco News) - The Commonwealth Bank of Australia (CBA), the country’s largest bank, has announced the introduction of new measures designed to protect customers from the risks associated with cryptocurrencies, including placing a 24-hour hold on some payments to crypto exchanges. ![]() Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter. ![]()
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