UK’s leading bank Natwest alerts customers with advice on how to avoid cryptocurrency scams – news bitcoin news


Big UK bank Natwest has issued an alert to urgently warn its customers of cryptocurrency scams, which are on the rise. The bank has provided several tips for clients “who are considering investing in bitcoin or other cryptocurrencies” on how to spot scams involving cryptocurrencies. “If you ignore the advice above, you could lose all your money,” the bank warned.

Tips from Natwest on how to spot crypto scams

The National Westminster Bank (Natwest), a major UK retail and commercial bank, has issued an urgent cryptocurrency scam alert on its mobile app. The alert urges customers to beware of scams involving cryptocurrencies following a record number of reports in the first quarter.

Natwest explained that a common scam that people fall victim to involves the false endorsement of celebrities, such as The Virgin Group founder Sir Richard Branson. Natwest Chief Fraud Prevention Officer Jason Costain said:

We have prevented millions of pounds from being sent to crypto criminals who exploit the high levels of interest in the currency.

“However, consumers should always be careful, especially with the use of bogus websites and celebrity referrals,” he added.

A number of people shared their screenshots on social media Wednesday of the alert received when opening the Natwest mobile banking app. The notice begins with a message that reads: “Warning: Are you considering investing in bitcoin or other cryptocurrencies?” Natwest then highlighted four key points to consider in helping customers detect and avoid crypto scams.

Big UK bank Natwest alerts customers with tips to avoid cryptocurrency scams
Natwest’s alert on its mobile banking app. Source: Natwest

The first tip informs customers that if someone has contacted them, “promising them big profits” and offering to help them invest in cryptocurrency, it is a scam.

Additionally, the UK bank says customers should always be in control of their cryptocurrency wallets. “If you haven’t set up the wallet 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 their payments immediately.”

The bank then pointed out that many cryptocurrency merchants are not registered with the UK Financial Conduct Authority (FCA). He stressed that customers should always use a business registered and listed on the FCA website. The Natwest notice ends with a warning:

If you ignore the tips above, you could lose all your money.

What do you think of Natwest’s warning and advice on crypto scams? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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