National Australia Bank (NAB) has joined other major lenders in the country in blocking payments to some cryptocurrency exchanges. The banking institution said it’s introducing new customer protections regarding financial transactions with certain scam-related crypto platforms.
Australia’s NAB Bank Intervenes in $184 Million Worth of Payments That Raised Scam Concerns
National Australia Bank, one of the four largest Australian banks, is restricting transfers to certain high-risk crypto exchanges. On Monday, the lender announced it’s introducing new blocks on digital asset platforms where scams are more prevalent.
Between March and July of this year, NAB customers abandoned payments for more than $270 million Australian dollars (almost $184 million) after receiving scam alerts from the bank. Nearly half of scam funds reported to the Australian Financial Crimes Exchange in a recent 30-day period were linked to cryptocurrencies, the bank noted.
Chris Sheehan, NAB executive for group
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