Famous Australian Bank NAB Decides to Block Crypto-Based Payments Considered High-Risk

In order to safeguard its consumers, National Australia Bank (NAB) claimed that it had recently banned some payments to risky cryptocurrency exchanges.

Famous Australian Bank NAB Decides to Block Crypto-Based Payments Considered High-Risk

In a statement released on Monday, the bank said that between March and July, it had taken action in connection with payments totaling more than A$270 million ($183.8 million). The number of these notifications that were brought on by cryptocurrency-related frauds was not disclosed by the bank.

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,

Chris Sheehan, NAB Executive For Group Investigations And Fraud

Australians Lost More Than $150.5 Million Last Year

Australians lost more than A$221 million ($150.5 million) as a result of cryptocurrency-related frauds last year, according to NAB.

We’re now also taking action to block some payments to high-risk cryptocurrency exchanges in a further effort to stop scammers,

Sheehan

NAB Takes Tough Measures Against Fraud

NAB has recently increased its awareness of potential cryptocurrency frauds, joining several other Australian institutions in doing so. The Australian Financial Crimes Exchange received reports of approximately 50% of scam funds in the most recent 30-day period, according to NAB.

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,

Sheehan