National Australia Bank (NAB) has blocked certain cryptocurrency exchanges, citing the high risk of scams; however, the bank did not specify the platforms already blocked.
National Australia Bank (NAB) announced new anti-fraud measures on July 17 as part of its “bank-wide scam strategy.”
In addition to suspending millions of dollars in payments between March and July 2023, NAB will implement blocks on “certain cryptocurrency platforms” to safeguard customers from fraud.
NAB did not identify the cryptocurrency exchanges that are anticipated to be blocked by the bank. Chris Sheehan, NAB’s executive for group investigations and fraud, specified only that the new blocks will impact “high-risk” platforms where “scams are more prevalent.”
Sheehan explained:
“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.”
According to local reports, Sheehan indicated that NAB’s crypto blocks could impact the Binance cryptocurrency exchange. The executive reportedly said, “Our approach will align with the rest of the industry.”
Other significant Australian banks, including Westpac and the Commonwealth Bank, have reportedly blocked payments to Binance recently.
In the announcement, NAB reiterated the expanding narrative of local banks, claiming that nearly half of all scam funds reported in Australia are linked to cryptocurrencies.
“More broadly, cryptocurrency scams are one of the fastest-growing security threats, with Australians losing more than $221 million to them last year,” according to the NBA’s statement. 40% of Australians, according to the authority, are “extremely willing” for payments to be delayed if they are “better protected from scammers.”
