Cryptocurrency payment scams
We are working hard to protect our customers from cryptocurrency scams.
If we believe you are opening an account with us solely to facilitate cryptocurrency payments, we may decline your account application or close your account, particularly if we think there is a risk to you or Auswide Bank. We may also decline transactions made to cryptocurrency exchanges that we have identified as being ‘high risk’ or individual transactions we consider suspicious or high risk.
Despite these measures, you must continue to exercise caution when dealing in cryptocurrency due to the prevalence of scams.
Why have we implemented these processes?
Cryptocurrency scams are one of the fastest-growing financial threats impacting Australians who are losing hundreds of millions of dollars every year. Scammers and criminals often use cryptocurrency exchanges as the transactions are harder to trace and recover, and the transfers to international and domestic destinations happen very quickly.
By making payments to cryptocurrency exchanges, you face a significantly higher risk of being scammed.
Frequently asked questions
Cryptocurrency, also known as crypto, is digital money that doesn't require a bank or financial institution to verify transactions and can be used for purchases or as an investment.
Cryptocurrency exchanges are online marketplaces where consumers can buy, sell and trade crypto.
If you attempt to make a digital payment such as an electronic funds transfer or PayID® transaction to one of the cryptocurrency exchanges on our blocked list, your payment may be declined and show as ‘Failed’.
If you attempt to make a payment using your Auswide Bank Visa credit or debit card to one of the cryptocurrency exchanges on our blocked list, the transaction may be declined. You will receive a message which says, ‘Issuer Declined Transaction’.
Any reattempts to process the same payment in the same way may continue to be blocked.
If you suspect any payment, you’ve made is fraud or a scam, including a payment to a cryptocurrency exchange, please contact us as soon as possible. Read more about how to protect yourself from scams.
Yes, you’ll still be able to make withdrawals from cryptocurrency exchanges if the exchange allows you to do so.
You’ll know because your transaction will be declined.
Have some questions?
We’re here to help.
