Commonwealth Bank Issues Scam Alert Over False Crypto Platform Partnership Report

April 21, 2022, 10:15 AM AEST - 1 month ago

The Commonwealth Bank of Australia (CBA) issued a scam alert this week to notify the public about a false article circulating on social media sites such as Facebook that claims the bank has partnered with a crypto trading platform. 

CBA emphasises that the claims made in the story are “totally false and untrue”.

The fake story purports to be from the Australian Broadcasting Corporation (ABC) and is designed to exploit people’s trust in, and familiarity with, CBA’s brand and convince them to click through to the scammer’s website. Once on the scammer’s website, users are asked to enter personal information and transfer money.

CBA encourages anyone who receives the scam article through any channel – be it social media, email or text message – not to respond or click on any associated links.

In addition to warning its customers directly, the CBA has reported the scam to all relevant authorities and has asked social media sites to remove the story from their platforms.

CBA’s Genuine Interest in Crypto May Confuse Readers

The scammers may have chosen to use the CBA brand in their fake news story partly because the bank has been particularly enthusiastic about crypto of late.

Last month, CBA said it intended to invest heavily in crypto-related services and just weeks ago its crypto trading app, the first offered by an Australian bank, was delayed due to regulatory hurdles following a successful beta.

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