The big-four bank explained that the change was due to “a growing number of customers losing funds to cryptocurrency scams”.

“In other types of investment scams, customers think they are investing in particular investment categories other than crypto, however the scammer arranges for the funds to be paid to a cryptocurrency exchange instead,” the website read. 

These limits will only apply to certain accounts or merchants if they believe the transfers to be related to cryptocurrency exchanges, it said in an email sent out to customers. 

“We may limit the amount you can pay to certain accounts or merchants, for example those we believe to be associated with cryptocurrency exchanges, to no more than $10,000 in total from all of your accounts each calendar month.”

The website explained that the bank will also continue to ”decline and hold certain payments cryptocurrency exchanges.”

They also may “suspend or close your account, cancel or suspend your card or other access method” to prevent cryptocurrency-related payments from processing. 

“The ACCC (Australian Competition and Consumer Commission) Targeting Scams report revealed over $220 million was lost to scammers through cryptocurrency in 2022.

“With this figure expected to rise significantly in the year ahead, we’re implementing measures to help reduce the incidence of scams and fraud”.