CBA customer wanted to buy $30k in bitcoin. The bank wouldn’t let him
Andrew Broadbent thought he was onto a winner with a $30,000 bet on bitcoin. But when he tried to make the transfer, Commonwealth Bank decided he was being scammed – and locked his account.
Andrew Broadbent is an experienced accountant and wanted to invest $30,000 more in cryptocurrencies. CBA decided it was a scam. Louis Trerise
Last August, as cryptocurrencies were rising, Melbourne accountant Andrew Broadbent decided it was time to invest. Donald Trump looked to be headed for the White House, and digital currencies were soaring in his slipstream. Broadbent was prepared to punt $30,000.
Commonwealth Bank had other ideas. It immediately blocked the transfer, and stopped Broadbent’s access to his accounts. The bank assumed it was a scam. It was not. What ensued is a glimpse into the fraught world of fighting the kinds of cons that steal hundreds of millions of dollars every year.
Paul SmithTechnology editorPaul Smith edits the technology coverage and has been a leading writer on the sector for 20 years. He covers big tech, business use of tech, the fast-growing Australian tech industry and start-ups, telecommunications and national innovation policy. Connect with Paul on Twitter. Email Paul at psmith@afr.com
