James Roberts, General Manager of Group Fraud Management Services at Commonwealth Bank, highlights significant “investment scams” linked to crypto exchanges.
Australia’s largest bank, Commonwealth Bank (CBA), has announced its decision to refuse or temporarily delay payments to cryptocurrency exchanges due to concerns about fraudulent activities. In a statement on June 8, CBA stated that it would decline certain payments to crypto exchanges or subject them to a 24-hour hold.
The bank did not specify which exchanges would be affected by these new measures, leaving it open to interpretation.
In an official statement, Commonwealth Bank (CBA) has announced the implementation of additional measures aimed at safeguarding customers against potential scam risks when making specific payments to cryptocurrency exchanges.
The bank stated that it would be introducing a monthly limit of $6,650 (equivalent to 10,000 Australian dollars) on customer transactions directed towards crypto exchanges for purchasing cryptocurrencies. The bank intends to roll out this limit in the coming months to enhance customer protection.
Also Read This : Binance Australia Ends AUD Deposits and Withdrawals, Officially Halts Services
Commonwealth Bank (CBA) has announced immediate actions to be taken regarding payments to cryptocurrency exchanges. As of today, CBA will either decline or place a 24-hour hold on specific payments made to such exchanges. Furthermore, in the upcoming months, the bank will introduce a monthly limit of $10,000 for customer transactions directed towards cryptocurrency purchases.
These measures are implemented to enhance customer security and mitigate potential risks associated with cryptocurrency transactions.
James Roberts, General Manager of Commonwealth Bank’s fraud management services, emphasized that scammers worldwide are taking advantage of the growing interest in cryptocurrencies. They employ various tactics, including posing as legitimate investment opportunities or redirecting funds to cryptocurrency exchanges. Commonwealth Bank stated that these measures would be continuously reviewed, and the impact of the measures would be closely monitored.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
Join Cryptos Headlines Community: https://linktr.ee/cryptosheadlines.com
Author
