Australian bank blocks transfer to 'high-risk' cryptocurrency exchanges
Australians lost more than $150.5 million to fraud in 2022
National Australia Bank (NAB, one of the country's largest banks) said it has blocked a number of payments to "high-risk" cryptocurrency exchanges over the past few months to protect its customers.
Between March and July 2023, the regulator intervened in more than 270 million Australian dollars ($183.8 million) worth of transactions that raised fraud concerns. The bank did not disclose what proportion of all alerts were related to possible cryptocurrency fraud.
"Introducing payment prompts, taking steps to prevent spoofing attacks, and users clicking on links in sudden pop-up text messages are among the most important measures we have recently introduced," Chris Sheehan, NAB's head of group investigations and fraud, said in a statement.
The bank also specified that Australians lost more than 221 million Australian dollars ($150.5 million) last year due to cryptocurrency-related fraud.
In late May, cryptocurrency exchange Binance Australia suspended accepting funds in Australian dollars (AUD), citing the payment service provider's refusal to work with the crypto platform.
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