Bendigo Bank Takes Stand Against Crypto Scam With High-Risk Payment Blocks Bendigo

Bendigo Bank Takes Stand Against Crypto Scam With High-Risk Payment Blocks Bendigo Bank, one of Australia’s major financial institutions, has recently joined the ranks of Commonwealth Bank, National Australia Bank (NAB), and Westpac in announcing measures to block “high-risk crypto payments,” Cointelegraph reported. The bank introduced new rules on July 31, adding “friction to certain genuine payments” to crypto exchanges, as explained by Jason Gordon, the head of fraud at Bendigo Bank. The primary goal behind this move is to combat fraudulent transactions and enhance customer protection. The spokesperson for Bendigo Bank stated that specific instant crypto transactions identified as higher risk would be blocked, but the bank refrained from providing further details at this time. The bank uses a combination of factors to identify high-risk transactions, but these details were not disclosed. While this move is intended to safeguard customers, it has raised concerns within the cryptocurrency community, particularly for local exchanges trying to provide essential services to convert crypto into dollars for their customers. The new measures introduced by a wholesale banking provider, Cuscal, jointly owned by MasterCard and Bendigo and Adelaide Bank, have potentially limited the ability of payments providers such as Zepto, Monoova, and Zai to access the Reserve Bank of Australia’s real-time payment system. Source