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Major British Bank NatWest Warns Clients on Crypto Scam

Major_British_Bank_Natwest_Alerts_Customers_With_Tips_to_Avoid_Cryptocurrency
  • NatWest, a major British bank has launched an alert for customers about the crypto scam.
  • The bank gave several tips to avoid falling into any crypto scam.
  • The tip says, ‘If you ignore the above advice, you could lose all of your money’.

NatWest, a major British bank, has launched an alert to its app warning customers of crypto scams. More so, NatWest left several tips for customers with the header ‘Thinking of investing in Bitcoin or other cryptocurrencies?’.

NatWest’s mobile banking app.
Source | NatWest’s mobile banking app.

The initial tip says that if someone promised them ‘big profits’ and assists them to put money into crypto, it’s a rip-off.

Moreover, the financial institution says that clients should manage their crypto wallets. ‘If you didn’t set the wallet yourself or can’t access the money in the wallet’, this can be a scam. In addition, the alert notes to stop making payments immediately.

Consequently, the bank mentioned that many cryptocurrency sellers are not registered with the UK Financial Conduct Authority (FCA). Also, it emphasized that clients should use a firm that’s listed on the FCA website. Lastly, the bank cautioned, ‘If you ignore the above advice, you could lose all of your money.’

Furthermore, NatWest explained that victims of a common scandal involved fake celebrity endorsements, like Virgin Group founder Sir Richard Branson.

NatWest’s Head of Fraud Prevention, Jason Costain explained to the media,

We have prevented millions of pounds being sent to crypto-criminals who are exploiting a high level of interest in the currency.

Nonetheless, customers still ought to be alert, particularly to the use of fake websites and bogus celebrity endorsements, he added.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.