The Commonwealth Bank of Australia has issued a warning about a fake news article circulating on social media platforms that claim the country’s largest lender is collaborating with a cryptocurrency trading platform to encourage people to invest in crypto assets.
Last week, CBA branded the article (https://www.commbank.com.au/articles/newsroom/2022/04/cryptocurrency-scam-warning.html) as “totally false and untrue,” adding that it had been reported to the relevant authorities and that it had asked social media publishers, including Facebook, to remove it.
The report comes months after Andrew Forest, Australia’s richest man and chairman of Fortescue Metals Group, sued Facebook-owner Meta Platforms, alleging that it violated anti-money laundering laws and used his image to promote cryptocurrency schemes.
Last month, Australia’s competition watchdog filed a similar lawsuit against Meta, accusing it of promoting fake cryptocurrency advertisements featuring well-known people.
The CBA went on to say that it had warned Australians via its channels not to respond to or click through to the website if they received the alleged fake article.
The article was also alleged to be “designed to entice unsuspecting people to go to the scammer’s website and provide their details and money.”
CBA became Australia’s first main-street bank to provide a platform for retail customers to trade cryptocurrencies last year.
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