Help & support
We’ve introduced new measures to help protect you from scam and fraud risks.
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.
If you are a new customer, the limits will be effective from 29 July 2023.
For existing customers, the limits will come into effect 30 days from the date that we notify you of the change, unless a later date is set out in your notice.
We’ll continue to decline and hold certain payments to cryptocurrency exchanges.
We will not restrict withdrawals from cryptocurrency exchanges to your CommBank account, but individual cryptocurrency exchanges may impose their own restrictions.
Interest in cryptocurrencies has been increasing and we’re seeing 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 ACCC Targeting Scams report (PDF) 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.
Any payments above the monthly limit of $10,000 may be declined. If we decline a payment, we will notify you by NetBank message, email, SMS or push notification to the CommBank app.
For example:
For joint accounts, each account holder can make payments up to $10,000 from the same account so long as this is within their own total limit of $10,000 across all of their accounts for the calendar month.
We may limit the amount that you can pay to accounts 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 payment limits apply across all of your accounts for the calendar month, including where payment requests are made in branch, by telephone banking or by another electronic banking method.
For new customers, these changes take effect from:
For existing customers, these changes take effect from the earlier of 30 days from the date that we notify you, or:
We’ll hold certain payments to cryptocurrency exchanges for up to 24 hours, regardless of the amount.
You’ll receive a message to advise that the transaction has been declined.
We will decline or hold certain payments to all cryptocurrency exchanges and will continue to monitor these scam response measures.
We’ll continue to closely monitor the impacts of these scam response measures, which will be subject to ongoing review.
Yes, withdrawals from cryptocurrency exchanges will not be impacted by this change, but individual cryptocurrency exchanges may impose their own restrictions.
You are still able to make payments from an eligible transaction account linked to your lending facility (e.g., an Everyday Offset account linked to your home loan), however direct transfers from your lending facility to cryptocurrency exchanges will be declined to ensure the safety of your transactions.
There is no process to apply for an increased monthly cryptocurrency payment limit or exemption from these restrictions.
You’ll only be able to make a payment to a cryptocurrency exchange through your transaction account, which will be subject to the payment declines, holds and limits described in your terms and conditions.
Cyber security, scams & fraud
Keeping your accounts safe is our priority. That’s why we have a range of security features and services to help keep you secure, including fraud prevention technology and secure banking.
Keep your account secure
Find out what you can do to keep your account and cards secure, from setting up alerts when your card is charged, to locking or cancelling your card in seconds.
Stay up to date
Unsure whether a message is legitimate? Check out our latest scam alerts before clicking anything.
Ceba can help you lock your card or securely connect you to a specialist in the CommBank app.
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