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Natwest Warns About Cryptocurrency Scams

Uk Bank Natwest has launched an alert to urgently warn customers of cryptocurrency scams, which have been on the rise. The bank has provided several tips for customers who are interested in investing in bitcoin or other cryptocurrencies on how to spot scams.

BBC News reports that Natwest has explained that a common scam that many people fall victim to involves celebrity endorsement, such as The Virgin Group founder Sir Richard Branson.

Natwest’s head of fraud prevention, Jason Costain, said:We have prevented millions of pounds from being sent to crypto-criminals who are exploiting the high levels of interest in the currency.

“However, consumers should always be alert, especially to the use of fake websites and bogus celebrity endorsements.”

Several people shared their screenshots on social media of the alert they got when opening the Natwest mobile banking app. The notice begins with a message that reads: ‘Warning: Thinking of investing in bitcoin or other cryptocurrencies?’

Natwest proceeded to highlight four key points to consider to help customers spot and avoid crypto scams.

The first tip is that if anyone is contacted with the promise of ‘big profits’, and help with investing in cryptocurrency, then it is a scam.

The bank says that customers should always have control of their cryptocurrency wallets. ‘If you didn’t set the wallet up yourself or can’t access the money in the wallet, this is a scam,’ the alert notes, adding that in this case, customers ‘should stop making payments immediately.’

Natwest pointed out that many cryptocurrency dealers are not registered with the U.K. Financial Conduct Authority (FCA), and emphasised that customers should always use a firm that is registered and is listed on the FCA website.

The Natwest notice ends with a warning:If you ignore the above advice you could lose all of your money.’

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