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Bendigo and Adelaide Bank have banned high-risk payments to digital asset exchanges for its 2.3 million customers to combat fraud.

The Australian bank said the ban will protect its customers from investment scams. According to the Australian Competition and Consumer Commission’s Scamwatch, Aussie investors have lost $3.1 billion to scams last year.

The ban will affect instant payments to digital asset exchanges, including adding “some friction to certain genuine payments,” Jason Gordon, the bank’s head of fraud prevention, says.

Bendigo Bank will identify high-risk payments through a “combination of factors,” a spokesperson told one media outlet but declined to offer any specifics. The bank also refused to reveal the specific exchanges that the ban will affect.

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