Stephanie Douse 
The Commonwealth Bank of Australia (CBA) issued a statement urging users to disregard reports that the bank had partnered with a trading platform
Australia Bank Is Not In Partnership With Any Crypto Trading Platform
The Commonwealth Bank of Australia (CBA) issued a statement urging users to disregard reports that the bank had partnered with a trading platform.
The “article” appears to be a story on the Australian Broadcasting Corporation (ABC) website, but closer inspection reveals that the website is merely a funnel for users to be directed to the scammer’s website.
“Commonwealth Bank has become aware of a fake news article circulating on social media, including Facebook, alleging the bank partnered with a cryptocurrency trading platform to encourage people to invest in crypto assets. “This is totally false and untrue,” reads the warning.
The bank revealed that it had urged social media publishers to remove the article and had even gone so far as to file a formal complaint with authorities.
Bank Warns Customer Not To Click Links
The bank warned customers via an internal channel not to click on links to the article because they risk losing their funds.
In 2021, the Commonwealth Bank of Australia made history by becoming the first high-street bank to allow customers to trade cryptocurrencies in collaboration with Gemini.
“We believe we can play an important role in crypto to address what is clearly a growing customer need,” the bank’s CEO, Matt Comyn, said at the time.
The Australian Competition and Consumer Commission (ACCC) filed a lawsuit against Meta last month, alleging that it “aided and abetted or was knowingly involved in false or misleading conduct and representations by the advertisers.”
According to the Commission, Facebook failed to address scam ads that were displayed on the platform. In response, a company spokesperson says they will “review the ACCC’s recent filing and intend to defend the proceedings.”
Andrew Forest, chairman of Fortescue Metals Groups, has also filed a lawsuit against Meta for allegedly using his image to promote cryptocurrency schemes on their platforms.