High-risk crypto payments blocked by Bendigo Bank

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High-risk crypto payments blocked by Bendigo Bank
High-risk crypto payments blocked by Bendigo Bank

The bank introduced new rules for instant payments related to cryptocurrency transactions on July 31

To safeguard its 2.3 million customers from potential investment scams as the primary reason, Australia’s Bendigo Bank has announced it is blocking high-risk cryptocurrency payments, following similar actions by three of the nation’s Big Four banks.

The bank introduced new rules for instant payments related to cryptocurrency transactions on July 31.

Bendigo Bank aims to prevent fraudulent payments and reinforce protections for its customers by using “a combination of factors” to identify high-risk transactions. A spokesperson confirmed that the bank would not disclose the exchanges affected by these changes but declined to elaborate on the specific factors used for identification.

Including Commonwealth Bank of Australia, National Australia Bank, and Westpac, this move follows similar actions taken by other leading Australian banks.

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