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Commonwealth Bank of Australia Suffers Crypto Scam 

Fake articles about Australia’s largest bank – the Commonwealth Bank – were recently spread on social media, including Facebook. The scam lured users to a fake website where their personal data and funds were then stolen.

The initial fraudulent articles were presented as a breaking story by the Australian Broadcasting Corporation, which stated that the bank had signed a partnership with a crypto exchange platform, encouraging people to invest in cryptocurrencies through the same exchange.

The Commonwealth Bank quickly denied the news, identifying them as false claims and asking media publications to delete the content, before reporting the offense to local authorities.

The bank released an official statement, warning customers not to click on the fake article’s links. The report also reminded users that the bank will never ask customers for personal data via email or phone calls.

This is not the first time an Australian bank has fallen victim to a scam. Last year, various SMS and email phishing links were sent to clients pretending to be the bank to steal funds.

The previous year, the CBA achieved a milestone as the bank partnered with Gemini to become the world’s first high street bank to allow customers to trade digital assets.

On the Flipside

A lawsuit was filed against Meta (previously Facebook) by the Australian Competition and Consumer Commission (ACCC), alleging that the tech giant “aided and abetted, or was knowingly involved in fraudulent or misleading behavior and statements by the marketers.” 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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