Another major Australian bank said it would block certain cryptocurrency platforms, citing the industry’s high risk of fraud.

July 17, National Australia Bank (NAB) Announce A range of new measures to protect customers from fraud as part of a “bank-wide fraud strategy”.

As well as halting millions of payments between March and July 2023, NAB will also introduce blocks on “certain cryptocurrency platforms” to help protect customers from scams.

NAB did not specify the names of the cryptocurrency exchanges expected to face the bank’s blockade. NAB director of group investigations and fraud Chris Sheehan said only that the new blockade would affect “high risk” platforms where “scams are more prevalent”.

Shine said:

“These scammers are part of organized transnational criminal syndicates. We are increasingly seeing them using cryptocurrency platforms to move stolen funds overseas quickly.”

According to local reports, Sheehan hinted that NAB’s encrypted block could affect the Binance cryptocurrency exchange. “Our approach will be in line with the rest of the industry,” the executive reportedly said. Other large Australian banks, including Westpac and Commonwealth Bank, have also reportedly blocked funding to Binance over the past few months. Payment.

Sheehan told Cointelegraph in an email to Cointelegraph that NAB’s decision to block payments to several cryptocurrency exchanges is in line with broader industry action to reduce scam-related cryptocurrency payments.

“Our insights suggest that these measures have had a positive impact on reducing fraud,” the executive noted, adding that the measure is one of 60 initiatives NAB is implementing or has completed to reduce the impact of fraud and fraud. NAB declined to comment on the specific exchanges that were blocked.

Binance did not immediately respond to Cointelegraph’s request for comment.

related: Binance Australia Office Reportedly Raided by Local Regulators

In the announcement, NAB went on to reiterate the growing claims of local banks that nearly 50% of reported fraudulent funds in Australia are related to cryptocurrencies.

“More broadly, cryptocurrency scams are one of the fastest-growing security threats, costing Australians more than $221 million last year,” the NBA’s statement read. scams” ​​and 40% of Australians are “very willing” to slow down their payments.

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