National Australia Bank (NAB), one of the ‘big four’ banks in the nation, has blocked some payments to “high-risk” crypto exchanges, where scams are “more prevalent.” In an official statement, detailing new measures to protect customers from scams, NAB identified crypto scams as the fastest-growing security threat costing Australians A$221 million (US$151 million) in 2022 alone. “These scammers are part of organized, transnational crime groups. Increasingly, we’re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas,” Chris Sheehan, NAB Executive for Group Investigations and Fraud, noted. In addition to blocking payments to certain crypto exchanges, the bank has introduced key measures such as payment prompts and stopping the use of
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