Major British Bank Natwest Alerts Customers With Tips to Avoid Cryptocurrency Scams

Cryptocurrency scams have been a major talking point in recent weeks, with the number of reports of them hitting their highest level ever. Many people have been tricked into believing they’ve been given free cryptocurrency to invest in, only for them to find out that they’ve been seriously scammed.

Major British Bank Natwest announced a recent alert to its customers, warning them about a scam that could lead to losing money or compromising their sensitive information. The bank posted a notice on its website, stating that scammers are sending messages on WhatsApp, and sometimes by email, claiming to be from Natwest, asking users to click on a link and either transfer money to a particular account or to provide access to their cryptocurrency wallet.

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The UK’s largest bank, Natwest, has issued an alert to urgently warn its customers about the increasing cryptocurrency scams. The bank has offered advice to customers considering investing in bitcoin or other cryptocurrencies on how to detect cryptocurrency scams. If you ignore the above advice, you could lose all your money, the bank warns.

Natwest Crypto-Currency Recognition Tips

National Westminster Bank (Natwest), a major UK retail and business bank, has issued an urgent warning against cryptocurrency fraud on its mobile app. The warning urges customers to be wary of cryptocurrency scams after a record number of reports in the first quarter. Natwest explained that a common scam that people fall victim to is false testimonials from celebrities such as Virgin Group founder Sir Richard Branson. Jason Costain, head of fraud prevention at Natwest, was quoted in the media: We prevented millions of pounds from going to cryptocurrency criminals who took advantage of the currency’s high interest rates. However, consumers should always be wary, especially when it comes to using fake websites and fake celebrity testimonials, he added. On Wednesday, several people shared screenshots on social media of the warning they received when they opened Natwest’s mobile banking app. The notification starts with the following message: Warning: Are you considering investing in bitcoin or other cryptocurrencies? Natwest has highlighted four key areas of focus to help customers recognize and prevent cryptocurrency fraud. Natwest warns on mobile banking app. Source: Natwest Major British Bank Natwest Alerts Customers With Tips to Avoid Cryptocurrency Scams The first tip warns customers that if someone has contacted them with the promise of high returns and the offer to help them invest in cryptocurrencies, it’s a scam. In addition, the British bank says customers should always have control over their cryptocurrency wallets. Not setting up the wallet yourself or accessing the money in it is fraud, the warning says, and customers should stop making payments immediately if this happens. The bank then discovered that many cryptocurrency traders are not registered with the UK’s Financial Conduct Authority (FCA). She stressed that customers should always use a registered firm listed on the FCA’s website. Natwest’s message ends with a warning: If you ignore the above tips, you may lose all your money. What do you think of Natwest’s warning and advice on cryptocurrencies? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Cryptocurrency is the new currency, right? Well, Natwest, the UK’s fifth largest bank by assets, is warning customers about scammers that may be targeting British customers looking to buy cryptocurrency. What does this mean? It means that if you’re buying your bitcoin, do so from a trusted exchange and with lots of money on hand. Never use a bank or a credit card to buy bitcoin.. Read more about next bitcoin stock and let us know what you think.

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