National Australia Bank has blocked $270 million in customer payments to cryptocurrency exchanges with a scam alert

National Australia Bank (NAB) has blocked a $270 million payment from customers to a "high-risk" cryptocurrency exchange over concerns about the risk of fraud. NAB data shows that when customers receive a real-time payment prompt within the app, 12% of payments are abandoned, averaging about $290,000 per day. Nearly 50 per cent of fraudulent funds reported to the Australian Financial Crime Exchange in the last 30 days were related to cryptocurrencies, the NAB said.