CBA Targets Crypto Scams

Cryptocurrencies have become increasingly popular in recent years, attracting millions of investors and enthusiasts around the world. However, the crypto space is also rife with fraudsters and scammers who prey on unsuspecting victims and exploit their lack of knowledge or security.

According to a report by CipherTrace, a blockchain analytics firm, crypto-related crime amounted to $4.5 billion in 2020, a 57% increase from the previous year. The most common types of crypto scams include phishing, fake exchanges, Ponzi schemes, ransomware, and SIM swapping.

To combat these threats and protect its customers, the Commonwealth Bank of Australia (CBA) has announced a series of measures to prevent and detect crypto scams. These include:

• Blocking transactions to high-risk crypto wallets and exchanges that are known to be associated with fraud or money laundering.
• Sending alerts and notifications to customers who are making large or unusual crypto transactions, warning them of the potential risks and advising them to verify the legitimacy of the recipient.
• Educating customers about the signs of crypto scams and how to avoid them, through online resources, social media campaigns, and customer service channels.
• Collaborating with law enforcement agencies and regulators to share information and intelligence on crypto scams and take action against the perpetrators.

CBA’s Chief Security Officer, David Whiteing, said that the bank is committed to providing a safe and secure environment for its customers, especially as the demand for crypto services grows.

‘We recognise the importance of innovation and the benefits that cryptocurrencies can offer to our customers and the wider economy. However, we also have a responsibility to prevent and disrupt criminal activity and protect our customers from harm. Crypto scams are a serious and growing problem that can cause significant financial and emotional distress to our customers. That’s why we are taking proactive steps to identify and stop these scams before they cause any damage’, he said.

How can I protect myself from crypto scams?

As a customer, you can also take some simple steps to protect yourself from crypto scams. Here are some tips:

• Do your research. Before investing in any crypto service or platform, do some background checks on their reputation, credibility, and security. Look for reviews, ratings, testimonials, and feedback from other users. Avoid platforms that promise unrealistic returns, charge high fees, or have poor customer support.
• Use secure devices and networks. Make sure that your devices are updated with the latest software and antivirus programs. Use strong passwords and enable two-factor authentication for your accounts. Avoid using public Wi-Fi or shared devices when accessing your crypto wallets or exchanges.
• Be wary of unsolicited offers or requests. Do not click on any links or attachments that you receive from unknown sources via email, text message, phone call, or social media. These could be phishing attempts to steal your personal or financial information. Do not send any money or crypto to anyone who claims to be from CBA or any other reputable organisation without verifying their identity and legitimacy.
• Report any suspicious activity. If you encounter or fall victim to any crypto scam, report it immediately to CBA’s customer service team at 13 2221 or via NetBank or the CommBank app. You can also report it to Scamwatch or the Australian Cyber Security Centre. By reporting these incidents, you can help CBA and other authorities to track down and stop the scammers.