Blockchain Australia Responds to Bendigo Bank and Adelaide Bank banning high-risk payments for 2.3M clients to digital currency exchanges
10 August 2023
For Immediate Release
In light of the recent announcement by Bendigo and Adelaide Bank to ban certain “high-risk payments” to digital currency exchanges, Blockchain Australia addresses concerns raised by our members, Digital Currency Exchanges and the wider digital currency industry.
Collaboration is Essential
Blockchain Australia recognises the efforts of the Australian banking sector, including Bendigo and Adelaide Bank, in seeking to protect their clients from potential fraudulent activities. The rise in scams, as reported by ACCC’s Scamwatch, is a testament to the evolving and increasingly sophisticated tactics employed by malicious actors.
As the ACCC reports, scams start with email, phone or internet contact with a victim, and banking or crypto payments occur in the later stages of a scam, with digital currency representing just one facet. Businesses including traditional banking institutions, internet service providers, telecommunications companies, and several others play substantial roles in the scam lifecycle.
Blockchain Australia firmly believes that a coordinated approach with government, law enforcement, the banking sector, blockchain intelligence companies and the digital currency industry is critical. Blockchain Australia is acutely aware of the ACCC’s recent authorisation allowing the Australian Banking Association Ltd (ABA) and its member banks to develop an industry standard. Blockchain Australia and our members stand ready to contribute to such a standard to help combat scams, protect Australians and protect the jobs and growth in our digital asset industry.
Financial Rights of all Australians
The protection of consumers is paramount, both in protection from scams and not burdening consumers with undue restrictions in who they choose to do business with, which must be evidence-based to ensure they bring genuine benefits without undue costs.
Blockchain Australia’s Initiatives
- National Anti-Scam Centre Advisory Board: Blockchain Australia is proud to announce our inclusion in the National Anti-Scam Centre Advisory Board. Our CEO, Simon Callaghan, is representing the organisation, underscoring our commitment to join forces with a diverse group of leaders and disrupt scam activities.
- Development of Industry-Led National Standard and Data Sharing Initiative: Blockchain Australia members are committed to tracking and reducing nefarious actors’ abuse of their services. Our Digital Currency Exchange Working Group is leading this effort, to draw consensus around strong standards in line with the banks, and ensuring a safe environment for exchanges to share potential scam wallet addresses and scam patterns to protect Australians.
- Debanking Survey: In light of the recent changes, Blockchain Australia will soon release a comprehensive debanking survey of the digital currency industry. This will provide valuable insights into the impact on jobs and growth of debanking and on Australians engaging with digital currency.
- Education and Empowerment: Digital Currency Exchanges have made significant strides in implementing anti-scam and anti-fraud measures. Blockchain Australia continues to advocate for these efforts and our members, promoting best practices and raising awareness among consumers about potential scams.
While the digital currency landscape in Australia is facing challenges, Blockchain Australia reiterates its mission to foster collaboration, ensure the safe use of digital currency, and uphold the financial rights of all Australians. We urge all stakeholders to come together, leverage collective wisdom and pave a secure and inclusive financial future for all Australians.
For all media inquiries please contact Blockchain Australia CEO, Simon Callaghan [email protected]