Leading British bank NatWest has launched an alert to promptly warn its customers about cryptocurrency scams, which are on the rise. The bank has made a number of suggestions for customers “thinking of investing in bitcoin or other cryptocurrencies” on how to detect scams associated with cryptocurrency. “If you ignore the above advice, you can lose all your money,” the bank warned.
NatWest’s advice for detecting crypto scams
National Westminster Bank (NatWest), a major retail and commercial bank in the UK, has launched an instant cryptocurrency scam alert on its mobile app. After a record number of reports in the first quarter, the alert urges customers to be wary of cryptocurrency-related scams.
NatWest explained that victims of a common scandal involve fake celebrity endorsements, such as the founders of Virgin Group Sir Richard Branson. NatWest’s head of fraud prevention, Jason Costain, was quoted by the media as saying:
We have prevented millions of pounds being sent to crypto-criminals who are exploiting a high level of interest in the currency.
“However, consumers should always be vigilant, especially for the use of fake websites and fake celebrity endorsements,” he said.
On Wednesday, many people shared their screenshots on social media of the alert received while opening the NatWest mobile banking app. The notice begins with a message stating: “Warning: Thinking of investing in bitcoin or other cryptocurrency?” NatWest highlighted four key points to help customers identify and avoid crypto scams.
The first tip advises customers that if someone contacts them, “promises big profits” and offers to help them invest in cryptocurrency, it is a scam.
In addition, the British bank states that customers should always control their cryptocurrency wallet. The alert note states, “If you have not set up the wallet yourself or are unable to access the money in the wallet, then it is a scam.” In this case, customers should “stop paying immediately.”
The bank then reported that many cryptocurrency dealers are not registered with the UK Financial Conduct Authority (FCA). It emphasized that customers should always use a firm that is registered and listed on the FCA website. NatWest notice ends with a warning:
If you ignore the above advice, you can lose all your money.
What do you think of NatWest’s warning and tips on crypto scams? Let us know in the comments section below.
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