The Commonwealth Bank of Australia announced that a fake news article is circulating on social media claiming the country’s No. 1 lender has partnered with a cryptocurrency trading platform to encourage people to invest in crypto assets.

CBA branded https://www.commbank.com.au/articles/newsroom/2022/04/cryptocurrency-scam-warning.html the article to be “totally false and untrue” on Tuesday, notifying the police and requesting that social media publishers, including Facebook, to remove the article.

Australia’s richest man and chairman of Fortescue Metals Group, Andrew Forest, filed a lawsuit against Facebook-owner Meta Platforms after months of allegedly breaching anti-money laundering laws and used of his image to promote cryptocurrency schemes.

Meta also faced a similar lawsuit from Australia’s competition watchdog last month alleging that it promoted fake cryptocurrency advertisements featuring well-known celebrities.

The CBA said it had warned Australians to not click through to the website if they received the alleged fake article through its own channels.

It also alleged that the article was “designed to entice unsuspecting people to go to the scammer’s website and provide their personal details and money.”

CBA offered its customers a cryptocurrency trading platform last year, making it the first main-street bank in Australia to do so.


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