.CommBank has announced a major change to certain payments, in an effort to reduce scams. 7NEWS
Withdrawals from cryptocurrency exchanges to your CommBank bank account will not be restricted, Commbank said.It comes as new data clarifies the rising risk of cryptocurrency scams.
Last year, 3910 people reported cryptocurrency as the payment method behind a scam they were victims to, an annual increase of 162 per cent, which resulted in a total of $221.3 million lost, according to theNot all victims of scams even realise they are paying to a cryptocurrency exchange when they transfer their funds, the bank said.
“In other types of investment scams, customers think they are investing in particular investment categories other than crypto,” Commonwealth Bank said.The ACCC added that people who have lost money via cryptocurrency “were more likely to have been contacted via social networking or mobile app”AAPIMAGE
Commonwealth Bank general manager of group fraud management services James Roberts said during the initial rollout of its new safety measures in June: “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.”
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