Westpac, one of the four largest banks in Australia, one of the leading countries for the cryptocurrency world, recently announced its first trial of fraud protection measures to prevent fraudulent transactions in the cryptocurrency market! With this news, Binance and other major cryptocurrency exchanges may be deeply affected! Here are the details…
Leading Australian bank announced new fraud measures!
Australia’s oldest bank, WestPac, has announced its plans to block some transactions from Binance and other cryptocurrency exchanges, which according to experts could be considered a major blow to the cryptocurrency ecosystem. While detailing the plans, WestPac said the move was primarily designed to protect investors from any form of fraud. However, with these latest moves, the bank, which is considered to be crypto-friendly, said it has discovered that accounts linked to investments are prone to fraud and that one-third of all payment transactions made are sent directly to crypto exchanges. For this reason, he stated that it is difficult to trace the fraudulent transactions.
Scott Colalry, Westpac’s customer service and technology group manager, said:
Cryptocurrency exchanges have a legitimate role to play in the financial ecosystem. But since the rise of cryptocurrencies, we have noticed that scammers are using overseas exchanges more and more. Our customers often only realize they’ve been scammed after the money has left the country, making recovery extremely difficult.
Collary said the estimates made by the bank are that this move will save customers millions of dollars thanks to the security measures.
Giant exchanges like Binance will be affected!
cryptocoin.com Australia, which we have reported many news before, has always appeared as a crypto-friendly country in the crypto money market. The latest moves are explained as moves to reduce fraudulent activities. While the Australian Securities and Investment Commission (ASIC) has warned of fraudulent activities, WestPac’s measures now mean a more drastic and coordinated effort to curb mass exploitation.
According to the data transferred, the giant bank announced that it plans to gradually trial new crypto payment protection blocks at the end of May. Rolled out with new features like Westpac Verify, these measures will pass on potential account name mismatches to customers when making a payment to a customer’s bank account or transferring to an account with no previous transaction history with Westpac. On the other hand, according to the data transferred, it is reported that losses exceeding 129 million dollars have been experienced in recent years due to crypto money fraud.
The bank said its securities team has detected up to 60% of all fraud attempts and is looking into upgrading its systems to strengthen these capabilities in the near future. For exchanges, this could be a significant setback for their operations as more banks may choose to follow in the footsteps of WestPac. On the other hand, the giant cryptocurrency exchange Binance has had tensions with ASIC in the past. As you may recall, this tension threatened many exchanges as a major warning for the stock market and other major crypto service providers in the country to re-evaluate their business approach in order to survive going forward. Now, with this move by Westpac, the crypto money market is facing new regulations.
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