Invest
CBA rejects 'fake news' cryptocurrency story
The big four bank has issued a statement regarding a news article alleging it has partnered with a cryptocurrency trading platform.
CBA rejects 'fake news' cryptocurrency story
The big four bank has issued a statement regarding a news article alleging it has partnered with a cryptocurrency trading platform.
On Wednesday, Commonwealth Bank of Australia (CBA) said that the “fake news article” which has been circulated on social media, is “totally false and untrue”.
“The ‘article’ which purports to be a story on the Australian Broadcasting Corporation (ABC) news website, is a scam designed to entice unsuspecting people to go to the scammer’s website and provide their personal details and money,” the statement read.
“CBA has reported the scam to the relevant authorities and asked social media publishers to take down the false article.
“The bank has warned Australians through its own channels not to respond to or click through to the website if they receive the alleged fake article via social media or any other channel such as a text message or an email.”
CBA’s comments come after the Australian Competition and Consumer Commission (ACCC) launched proceedings against Facebook owner Meta in the Federal Court over the publication of cryptocurrency scam advertisements featuring public figures on Facebook.
The ACCC claimed that the Facebook ads promoted investment in crypto or money-making schemes that were actually scams and gave the impression of being associated with public figures who had not provided approval or endorsement, including David Koch and Dick Smith.
When clicking on the scam ads, the ACCC said that users would be directed to a fake news story featuring quotes attributed to the public figure depicted in the Facebook ad.
Individuals were then invited to sign up to the fake scheme, and those that did experienced “high pressure tactics” from scammers to convince them to deposit money, the ACCC found.
The consumer watchdog said it was aware of one person who had lost over $650,000 due to a scam being falsely advertised as an investment opportunity on Facebook.
RELATED ARTICLES
Cryptocurrency
Ethereum and Niche Tokens Give Australia a Unique Edge: Kraken’s 2025 Wallet Analysis
Kraken, a prominent and secure global cryptocurrency platform, has unveiled a comprehensive analysis of millions of wallets from its Australian clientele, showcasing unique trends in crypto asset ...Read more
Cryptocurrency
Gemini strengthens Australian presence with new leadership and AUSTRAC registration
In a significant move to bolster its presence in the Asia-Pacific region, global cryptocurrency platform Gemini has announced a strategic expansion in Australia. This development includes the ...Read more
Cryptocurrency
Asset managers eye $235bn tokenisation opportunity as TradFi and DeFi converge
In a striking revelation, a global survey conducted by Calastone has unveiled a $235 billion opportunity for tokenised funds, highlighting a significant convergence between traditional finance ...Read more
Cryptocurrency
Big four bank pilots crypto‑backed mortgages: what it means for lenders, borrowers and the market
An Australian big four bank is trialling home loans secured by units in a regulated Bitcoin ETF — a cautious bridge between digital assets and traditional credit. If executed well, the model could ...Read more
Cryptocurrency
Webull launches cryptocurrency trading for Australian investors
Webull Securities Australia Pty Ltd, a subsidiary of Webull Corporation, has unveiled its cryptocurrency trading platform for Australian users, marking a significant expansion in the company’s ...Read more
Cryptocurrency
OKX launches automated trading bots for Australian crypto traders
Cryptocurrency platform OKX Australia has introduced two automated trading bots aimed at helping local traders manage their digital asset portfolios around the clock. Read more
Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more
Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more
Cryptocurrency
Ethereum and Niche Tokens Give Australia a Unique Edge: Kraken’s 2025 Wallet Analysis
Kraken, a prominent and secure global cryptocurrency platform, has unveiled a comprehensive analysis of millions of wallets from its Australian clientele, showcasing unique trends in crypto asset ...Read more
Cryptocurrency
Gemini strengthens Australian presence with new leadership and AUSTRAC registration
In a significant move to bolster its presence in the Asia-Pacific region, global cryptocurrency platform Gemini has announced a strategic expansion in Australia. This development includes the ...Read more
Cryptocurrency
Asset managers eye $235bn tokenisation opportunity as TradFi and DeFi converge
In a striking revelation, a global survey conducted by Calastone has unveiled a $235 billion opportunity for tokenised funds, highlighting a significant convergence between traditional finance ...Read more
Cryptocurrency
Big four bank pilots crypto‑backed mortgages: what it means for lenders, borrowers and the market
An Australian big four bank is trialling home loans secured by units in a regulated Bitcoin ETF — a cautious bridge between digital assets and traditional credit. If executed well, the model could ...Read more
Cryptocurrency
Webull launches cryptocurrency trading for Australian investors
Webull Securities Australia Pty Ltd, a subsidiary of Webull Corporation, has unveiled its cryptocurrency trading platform for Australian users, marking a significant expansion in the company’s ...Read more
Cryptocurrency
OKX launches automated trading bots for Australian crypto traders
Cryptocurrency platform OKX Australia has introduced two automated trading bots aimed at helping local traders manage their digital asset portfolios around the clock. Read more
Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more
Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more
