Customers who transact in cryptocurrency currently face a significantly higher risk of being scammed. With interest in cryptocurrencies increasing, we have implemented restrictions to help mitigate the risk of our customers being scammed by seeking to monitor transactions made by customers to known cryptocurrency and digital asset exchanges.
How we are helping you to keep your finances safe
To help protect you from scams, we've implemented the following measures on our Personal and Business deposit accounts:
Restricted Transactions
We may stop transfers or payments from your BOQ accounts to accounts or merchants we reasonably believe are:
- owned by cryptocurrency exchanges
- controlled by cryptocurrency exchanges
- owned by digital asset exchanges
- controlled by digital asset exchanges.
We may do this if we reasonably believe the transfer may cause you or us loss (i.e. because of a high risk of being involved in a scam).
Receiving Payments
You should still be able to receive payments from cryptocurrency or digital asset exchanges into your account, however, keep in mind that exchanges may also impose their own restrictions.
What are the risks of cryptocurrency?
Transacting with cryptocurrency exchanges in Australia poses significant risks, particularly in relation to scams. AUSTRAC has highlighted that cryptocurrency is increasingly being exploited for money laundering, scams, and money mule activities.
The anonymity and near-instant nature of crypto transactions make them attractive to criminals, leading to cases where individuals have lost their life savings to scams. Additionally, the Australian government has introduced reforms to enhance the quality of financial service providers and mitigate these risks.
It is important to note that new exchanges emerge everyday, so there are therefore limitations in our monitoring services. You are still responsible for being vigilant in protecting yourself against scams.
We’re here to help
If you are concerned you have fallen victim to a scam, please contact us immediately on 1300 55 72 72, visit www.boq.com.au/contact-us for our operating hours. Our dedicated Fraud and Scam Operations team helps protect customers against fraud and scams or and can try to assist in recovering funds if customers happen to fall victim. Visit our fraud and scams assistance page to find out what we can do to help you or your loved ones. |