NAB introduces new customer protections by blocking certain payments made on crypto exchanges

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NAB today announced new protections for customers by blocking certain payments made on high-risk cryptocurrency exchanges.

The bank explained that nearly 50% of fraudulent funds reported to the Australian Financial Crimes Exchange were cryptocurrency-related in a recent 30-day period. NAB is a member of the Independent Initiative, which brings together business, government, law enforcement and industry groups to fight financial crime and cybercrime.

More broadly, cryptocurrency scams are one of the fastest growing security threats, with Australians losing more than $221 million to them last year.

NAB intervened in more than $270 million in customer payments that raised scam concerns in the four months between March and July, according to new information. Information from the NAB app shows that when customers received a real-time in-app payment prompt, 12% of payments were abandoned.

NAB Group Investigations and Fraud Manager Chris Sheehan said several measures introduced over the past six months have had an impact on protecting customers from scams.

Introducing payment prompts, taking action against identity theft and stopping the use of links in unexpected text messages are some of the key measures we recently introduced. We are now also taking action to block certain payments to high-risk cryptocurrency exchanges in a further effort to stop scammers, Mr. Sheehan said.

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