Commonwealth Bank of Australia (CBA) has announced new measures to target scams, which include declining or holding certain payments to cryptocurrency exchanges for 24 hours.
The financial services company’s new measures are aimed at safeguarding customers from scam risks related to making certain payments to cryptocurrency exchanges.
Commonwealth Bank also seeks to implement a monthly limit of A$10,000 ($6,732) in the coming months where the bank can detect if the customer payments are to exchanges for purchasing cryptocurrency.
The impacts of the scam response measures, subject to ongoing review, will be closely monitored, said Commonwealth Bank.
Commonwealth Bank group fraud management services general manager James Roberts said: “Customers who make payments to cryptocurrency exchanges are currently facing a significantly higher risk of potentially being scammed.
“While these measures will not eliminate the risk of customers suffering losses as a result of a scam that involves a payment to a cryptocurrency exchange, they are part of a range of initiatives designed to help customers reduce their risk of falling victim to a scam.”
The Sydney-headquartered company’s new measures follow the recent announcement to provide its NameCheck anti-scams technology to government institutions and other financial service companies that process payments in Australia.
It was part of a broad national strategy to help fight scams and frauds across the community.
By leveraging advanced technology and available payment data, NameCheck gives a sign that the account details entered look right, thereby enabling clients to ensure money is being transferred to the right account.
