As part of our commitment to protecting our customers from scams, we have implemented new safeguards in the cryptocurrency space.
What are the safeguards?
On 21 June 2023, we made the decision not to allow certain payments to some cryptocurrency exchanges. At this point in time, this does not include withdrawals from cryptocurrency exchanges to your Beyond Bank accounts.
We will continue to monitor the environment and adjust our safeguards based on scam and fraud trends.
Why have we introduced this?
We’ve recently seen an increase in cryptocurrency scams throughout Australia. Scammers often request payment through crypto because the funds are not easily recovered. Scammers will often pretend to be a job recruiter, a fake financial services firm, an online romantic partner or even someone with a fantastic investment opportunity.
Scammers play on your emotions and use urgency as tactics. Remember to slow down and think twice. If you send money through crypto and it is a scam, it’s likely your money will not be recovered. We have introduced this measure to keep our customers safe.
Where can I learn more?
Please visit our Scams and Fraud page
Read more about Cryptocurrency Scams on moneysmart.gov.au
Watch the video below to hear some top tips from Melbourne Football Club’s Jack Viney on protecting yourself online:
