NatWest issues urgent warning to all customers about cryptocurrency scam
NatWest customers who use the mobile app to manage their finances are warned about cryptocurrency scams.
The big bank said it had blocked millions of pounds from being sent to “crypto criminals.”
NatWest said it received a “record number” of reports of such scams between January and March 2021 and sent a message to mobile app users.
Scams typically involve criminals posting online advertisements bearing a fake celebrity endorsement on a fake website with an article promoting cryptocurrency.
Investors are asked to complete a contact form and the criminal uses this information to follow up with a phone call.
During the call, the fraudster, posing as a cryptocurrency trader, helps the victim open a wallet with a cryptocurrency trading platform and in doing so, persuades the victim to install software remote access on his computer.
Jason Costain, Fraud Prevention Manager at NatWest, said: “We have blocked millions of pounds from being sent to crypto criminals who exploit the high levels of interest in the currency. However, consumers should always be on the lookout for using fake websites and celebrity referrals. ”
Criminals Build Professional, Credible Websites to Advertise Fake #investment opportunities in cryptocurrencies, currency trading and bonds. False testimonials are often accompanied by an image of a well-known character to help the investment appear legitimate. pic.twitter.com/ajCRtbg3pL
– Action Fraud (@actionfrauduk) May 26, 2021
NatWest has shared a number of tips for avoiding a cryptocurrency scam:
– If you have been contacted by a “trader” promising big profits and offering to help you invest in cryptocurrency, it is probably a scam.
– Always have control over your cryptocurrency wallet. If you haven’t set up the wallet yourself, or if a cryptocurrency trader has persuaded you to download remote access software to your computer, it could be a sign of a scam. You must immediately stop making payments.
– Follow the advice of the FCA and verify that the cryptocurrency company you are doing business with has been approved by them.