NAB introduces new customer protections by blocking some payments made to crypto exchanges

NAB today announced new customer protections by blocking some payments made to high-risk cryptocurrency exchanges.

The bank explained that almost 50% of scam funds reported to the Australian Financial Crimes Exchange were linked to cryptocurrency in a recent 30-day period. NAB is a member of the independent initiative, which brings together business, government, law enforcement agencies and industry groups to fight financial and cyber crime.

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

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

NAB Executive for Group Investigations and Fraud Chris Sheehan said several measures introduced in the last six months were having an impact to protect customers from scams.

“Introducing payment prompts, taking action on spoofing and stopping the use of links in unexpected text messages are among key measures we’ve introduced recently. We’re now also taking action to block some payments to high-risk cryptocurrency exchanges in a further effort to stop scammers,” Mr Sheehan said.