Australia’s Commonwealth Bank Falls Victim to a Crypto News Scam

Quick take:

• Australia's Commonwealth Bank warns customers of a fake crypto partnership announcement.
• The reported phishing scam will loot users of their personal information and funds.

Fake news about Commonwealth Bank has recently been growing on social media, especially Facebook, according to the Commonwealth Bank of Australia. The fake news announcement mentioned that the bank has teamed up with a crypto trading platform.

People were inspired to invest in crypto assets as a result of the report, which the bank categorically disputes and labels as fake.

Users were warned by the bank about the scam

The alleged fraud, which takes the shape of articles that appear to be from the Australian Broadcasting Corporation, is a scam in general. Customers are enticed to click on the link, which leads them to the scammer's website.

Users who click on the link will have their personal information and money collected by the crooks.

The CBA has alerted the appropriate authorities and requested that the bogus post be removed from the internet.

The bank has advised customers not to click on the links in the articles because they risk losing all of their money. The bank also stated that it would never solicit personal information from consumers via email or phone calls.

Customers were also advised to exercise caution before clicking any links and to always go to the official website to be secure and log in.

Scammers can also mimic bank officials and telephone users pretending to be them, gaining access to their personal information, cash, and accounts.

The Commonbank was a target of a themed SMS phishing attack, in which criminals sent phishing links to users posing as the bank.

That's not all; the bank has identified several frauds and warned consumers about them.

The Commonwealth Bank of Australia made history in 2021 when it teamed up with Gemini to become the first high-street bank to provide cryptocurrency trading to its clients.