“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,” Mr Roberts said.
The new measures follow the announcement CBA will be offering its industry-leading NameCheck anti-fraud technology to external organisations that process payments in Australia as part of a broad national approach to help combat scams and frauds across the community.
NameCheck uses advanced technology and available payment data to give an indication of whether the account details entered look right, helping customers to ensure money is being sent to the right account. It is currently available to customers on the CommBank App, NetBank and business customers on CommBiz.
“Across Australia a whole-of-ecosystem approach is required to combat scams and CBA is committed to helping keep customers safe, as part of a broader national focus by government, regulators, banks and other industry sectors. We are committed to being part of the broader solution with government, regulators, banks, telcos and other industry sectors to keep Australians safe,” Mr Roberts said.
To help take personal action against scams, CBA suggests customers take three steps: Stop, Check, Reject – including specific guidance regarding potential investment scams.
¹Time periods may vary