Australian ‘Big 4’ bank begins trial for cryptocurrency payment blocks
One of Australia’s Big Four banks announced efforts to combat crypto fraud activities aimed at reducing losses from scams. Westpac, one of Australia’s ’Big Four’ banks, is launching its first trial of scam protection measures designed to combat fraudulent activities related to cryptocurrencies. The protection measures aim to mitigate losses from scams and reduce potential risks. According to the announcement, investment scams account for approximately 50% of all customer losses linked to scams, while around one-third of all scams involve direct transfers to cryptocurrency exchanges, making them extremely difficult to trace. The Westpac ban comes on the same day Binance customers were told they could no longer use PayID to transfer Australian dollars to their accounts. Binance said a “third-party provider” had placed restrictions on the exchange, affecting bank transfer withdrawals for now. According to Scott Collary — Westpac’s group executive of customer services and technology — whi...