​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

 

[[email protected].]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

It's not always your money.Most people I know owe the bank more than they have cash in their accounts.The first people blamed when you lose to scammers are the banks for not protecting their clients.Safety measures like this should be welcomed

 

[Bill MacL]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

Digital transfers are virtually instant, where as cheques took 3 days to clear. Common sense would say that it would be much safer if they delayed larger payments until they were verified by the banks. Is it too much to ask the banks to actually do some work instead of just dreaming up new fees.

 

[Macarj]

Wrong mate. The currency is devalued by bad Government policies not by the investors who are willing to gamble WITH THEIR OWN MONEY.
If you are old enough you would remember when WHITLAM devalued our currency not once but twice in a very short period of time causing huge heartaches to many Australian Citizens (I remeber it because I was overseas and no Banks were willing to exchange my AUD dollars, and I was forced to get a job to pay my ongoing costs), and that was not created by the Cryptocurrency which might never existed at the time. It was created by the then Labour Government.

I remember that time too

 

[Luckyus]

D

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

Doesn't really concern me, being a long age pensioner super was brought too late for for me so unless I win the lottery, I'll have to console with the fact that I don't have halfpennies to rub together.

 

[Kingpin]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

This is not a bad thing. I'd like to see Crypto banned in Australia.

 

[Leenie]

You are 100% correct. It is about time people remove those rosed couloured glasses even if it was for a short time and see the real light.
Someone a short while ago said the following.: "( YOU WILL OWN NOTHING AND BE HAPPY)".
Think about it folks because that is where we are heading.

People have their head in the sand Schwabb has said this time and again WEF has stated cash will be gone in 5years and be digital ,and will control everything we do. Our time is running out.

 

[IAN3005]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

Hmmm!!!! a smokescreen..... there is an ulterior motive ..... TRUST NO ONE.....

 

[IAN3005]

It's important to stay informed about changes in banking regulations, especially when it comes to protecting our finances. The move by the 'Big Four' Australian banks to tighten control over payments and protect customers from potential scams and fraud is a proactive step in an increasingly digital world.

Another person who is aware of their moves.... asked what they need for my divers licence every time I make a deposit.... to prevent scams and to provide proof of deposit should there be a query in the future....right!!!! More likely to check on the bank balance by Centrelink.... pull the other leg that plays jingle bells......

 

[Kelpie]

It's not always your money.Most people I know owe the bank more than they have cash in their accounts.The first people blamed when you lose to scammers are the banks for not protecting their clients.Safety measures like this should be welcomed

Sorry but I do not agree wit you. Banks are only there to make money and they will do it in every possible way they can. And the ones running it are all along the same lines too because of the huge bonuses they get each and every year while being employed there. The bigger the profits they generated the bigger the bonuses even if they come at the cost of their clients.
How can they pay you a miserable rate of interests for yoru money, soemtime even less than 1 % and then lend that money to another person for 7 or 8% and be able to go to sleep a night.?
How do I know this, well let me tell you that I became a very close friend to my Bank Manager and he told me a few times how they operate and that they also have full authority on how and whom they will lend money and the rates they will charge to their clients. As long as they meet their target averything is sweet.
The Government is showing no Balls by allowing them to do what they like. Bank should not control people and their finances, Polticians are and should hold Banks to account. Yet again, HOW MANY POLITICIANS WILL END UP IN A BANK'S BOARD AT MILLIONS OF DOLLARS A YEAR WHEN THEY LEAVE POLITICS.?
Not so long ago I had a go with my Banker asking him as to how he was loaning me MY OWN MONEY (Yes, money I held in a separate banks account with the same bank) and charging me about 5% and even more than what he was giving me. He had no answer and when I told him that I was considering changing Banks all he had to say was that he would be sorry to see me leaving but he offered no explanations.
Greedy as and only after his bonuses.

 

[Kelpie]

Digital transfers are virtually instant, where as cheques took 3 days to clear. Common sense would say that it would be much safer if they delayed larger payments until they were verified by the banks. Is it too much to ask the banks to actually do some work instead of just dreaming up new fees.

Totally agree with you. I couldn't have put it down in any better way myself. Delaying payment and transfers by even for a day would stop all that rot and those scams. but here is the big BUT, IT WILL COST MONEY FOR BANKS BY HAVING TO EMPLOY AN EXTRA PERSON TO DO IT IN THAT WAY AND THEN IT IMMEDIATLEY BECOME A NO NO NO.
And let me also add that if you require an urgent pament to got through, the Bank Manager has always had and always will have the power to override those rules and approve the payment immediately.

 

[Kelpie]

People have their head in the sand Schwabb has said this time and again WEF has stated cash will be gone in 5years and be digital ,and will control everything we do. Our time is running out.

And the Banks are loving it because they will have limitless powers to control everything including the Governments. That is a very very bad Policy and shame to the Government for letting them doing it.

 

[Kelpie]

It's important to stay informed about changes in banking regulations, especially when it comes to protecting our finances. The move by the 'Big Four' Australian banks to tighten control over payments and protect customers from potential scams and fraud is a proactive step in an increasingly digital world.

BS, they should go back to the old system and none of this would happen.

 

[IAN3005]

They don't make a cent out of me....all my money is tied up in interest-bearing accounts and I live on Mastercard interest-free for 55 days which is paid off on the due date, in full.
When I had a mortgage I had 15 years interest-free... paid no interest on my mortgage

The politicians are probably on the board as a non-executive director collecting a 6 figure salary to "help" out.
The shareholder takes preference over the customer.

 

[IAN3005]

Hmmm!!!! a smokescreen..... there is an ulterior motive ..... TRUST NO ONE.....

You just find another way of skirting the issue....

 

[mylittletibbies]

They don't make a cent out of me....all my money is tied up in interest-bearing accounts and I live on Mastercard interest-free for 55 days which is paid off on the due date, in full.
When I had a mortgage I had 15 years interest-free... paid no interest on my mortgage

The politicians are probably on the board as a non-executive director collecting a 6 figure salary to "help" out.
The shareholder takes preference over the customer.

Not that I've had a mortgage for years, but how on Earth did you get a 15 year interest free loan.

 

[IAN3005]

Not that I've had a mortgage for years, but how on Earth did you get a 15 year interest free loan.

It would have been 25 years had I known of the little trick.
Instead of earning interest on my saving and paying tax I put into the "miser" account the equivalent of the mortgage which paid no interest and offset the mortgage. Every last cent I had including my salary went into it. I lived off 6 Mastercards which all had different closing dates.

 

[mylittletibbies]

It would have been 25 years had I known of the little trick.
Instead of earning interest on my saving and paying tax I put into the "miser" account the equivalent of the mortgage which paid no interest and offset the mortgage. Every last cent I had including my salary went into it. I lived off 6 Mastercards which all had different closing dates.

What a smart man you are

 

[IAN3005]

What a smart man you are

The people today have such huge mortgages I doubt they could manage it. Imagine the interest on a $800,000 loan.... I couldn't sleep at night.....

 

[MaccaMan]

It's important to stay informed about changes in banking regulations, especially when it comes to protecting our finances. The move by the 'Big Four' Australian banks to tighten control over payments and protect customers from potential scams and fraud is a proactive step in an increasingly digital world.

I feel like you have no idea of the bigger picture...

 

[Linwar]

Not that I've had a mortgage for years, but how on Earth did you get a 15 year interest free loan.

I'd like to know as well????????15 years interest free, cant be true.