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Australia’s Commonwealth Bank Falls Prey to a Crypto Scam

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April 20, 2022 by Vignesh Karunanidhi

Commonwealth Bank of Australia has recently come across fake news spreading on social media, including Facebook. The phony news state that the bank has partnered up with a cryptocurrency trading platform.

The news also encouraged people to invest in crypto assets which the bank completely denies and tags as false.

Australian citizens warned of the scam
The reported scam, which is in the form of articles purports as a story on the Australian Broadcasting Corporation, is generally a scam. It lures the customers to click on the link, redirecting them to the scammer’s website.

The scammers will collect the personal details and funds of the users who click on the link.

CBA has reported the issue to the relevant authorities and asked the media publications to take down the fake article.

The bank has warned the customers not to click the links on the articles as it can result in the users losing all their funds. The bank also warned that they would never ask for the customers’ personal information through email or phone calls.

They also asked the customers to be cautious before clicking any link and always navigate to the official website to stay safe and log in.

The scams can also impersonate the bank representatives and can come through phone calls pretending and can gain access to user information, funds and account.

The Commonbank has been a victim of a themed SMS phishing where the scammers spammed the customers with a phishing link pretending to be from the bank.

That’s not it; the bank has cited numerous scams and mentioned them for the customers to stay cautious.

In 2021, the Commonwealth Bank of Australia made history when it partnered with Gemini to become the first high street bank to enable customers to trade cryptocurrencies.

“We believe we can play an important role in crypto to address what’s clearly a growing customer need.”

said Matt Comyn, the bank’s chief executive
The Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Meta last month, alleging that it “aided and abetted or was knowingly involved in fraudulent or misleading behavior and statements by the marketers.”

According to the Commission, Facebook failed to handle fraudulent advertising that was shown on the network. In response, a corporate spokeswoman said the company will “examine the ACCC’s latest filing and expect to fight the proceedings.”

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