National Australia Bank (NAB) said it is blocking some payments to high-risk cryptocurrency exchanges to protect its customers.
The bank said Monday it intervened in more than $183 million in payments between March and July, raising fraud concerns. Increasing its tightness on illegal events regarding crypto, the National Australian Bank has attracted attention with its new statements.
Authorities made a statement
“Serving payment requests, guarding against fraud, and stopping the use of links in unexpected text messages are among the key measures we have implemented recently,” said Chris Sheehan, NAB Group Investigations and Fraud Manager.
“We are now taking action to block some payments to high-risk cryptocurrency exchanges in order to do more to stop the scammers,” Sheehan added, without going into details about the exchanges involved.
NAB noted that Australians lost $221 million (US$150.5 million) to crypto-related scams last year. Australia’s stance towards the crypto industry has sparked community backlash. It remains to be seen how this event will affect crypto activities in Australia.
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