CBA Partially Restricts Crypto Payments
CANBERRA, AU – Commonwealth Bank (CBA) has announced measures to safeguard its customers from cryptocurrency scams. The bank will implement 24-hour holds and payment declines on certain transactions to crypto exchanges, allowing for fraud verification.
Additionally, a monthly limit of AUD 10,000 will be imposed on outbound payments to crypto exchanges. These actions aim to reduce the occurrence of scams and minimize financial losses.
According to the announcement, the bank’s General Manager, James Roberts, said, “Consumer interest in cryptocurrencies has been increasing and unfortunately scammers globally are capitalising on this trend and masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges."
The bank's decision aligns with similar actions taken by other Australian and UK banks, highlighting the industry's commitment to customer protection in the crypto space.
