british bank, Crypto Scams, cryptocurrency scams, Mobile App, NatWest, natwest bitcoin, natwest crypto, natwest cryptocurrency

Major British bank Natwest has launched an alert to urgently warn its customers of cryptocurrency scams, which have been on the rise. The bank has provided several tips for customers “thinking of investing in bitcoin or other cryptocurrencies†on how to spot scams involving cryptocurrencies. “If you ignore the above advice, you could lose all of your money,†the bank cautioned.

Natwest’s Advice on How to Spot Crypto Scams

National Westminster Bank (Natwest), a major retail and commercial bank in the U.K., has launched 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 people fall victim to involves fake celebrity endorsement, such as The Virgin Group founder Sir Richard Branson. Natwest’s head of fraud prevention, Jason Costain, was quoted by the media as saying:

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

A number of people shared their screenshots on social media Wednesday 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.

british bank, Crypto Scams, cryptocurrency scams, Mobile App, NatWest, natwest bitcoin, natwest crypto, natwest cryptocurrency
Natwest’s alert on its mobile banking app. Source: Natwest

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

Furthermore, the British 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.â€

The bank then pointed out that many cryptocurrency dealers are not registered with the U.K. Financial Conduct Authority (FCA). It emphasized that customers should always use a firm that is registered and is listed on the FCA website. The Natwest notice ends with a warning:

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

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, 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 mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Standard Chartered Bank Launching Cryptocurrency Exchange and Brokerage

Major banking corporation Standard Chartered is launching a cryptocurrency exchange and brokerage service, giving its clients access to cryptocurrencies, such as bitcoin and ether. Standard Chartered joins a growing list of major banks worldwide that have embraced cryptocurrency. Standard Chartered Bank Diving Into Crypto Standard Chartered PLC (STAN.L) said Wednesday that the bank’s innovation arm, […]

Xem chi tiết: Standard Chartered Bank Launching Cryptocurrency Exchange and Brokerage

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

Major British bank Natwest has launched an alert to urgently warn its customers of cryptocurrency scams, which have been on the rise. The bank has provided several tips for customers “thinking of investing in bitcoin or other cryptocurrencies†on how to spot scams involving cryptocurrencies. “If you ignore the above advice, you could lose all […]

Xem chi tiết: Major British Bank Natwest Alerts Customers With Tips to Avoid Cryptocurrency Scams

US Senator Urges Treasury Secretary Yellen to Take Action on Cryptocurrency Scams to Protect Investors

U.S. Senator Rick Scott has urged Treasury Secretary Janet Yellen to take action on cryptocurrency scams, which he said have risen 1,000% in the past year and cost consumers at least $80 million. “This is an unregulated industry, and the alarming amount of criminal activity surrounding cryptocurrency demands action,†he told Yellen. Senator Scott Alerts […]

Xem chi tiết: US Senator Urges Treasury Secretary Yellen to Take Action on Cryptocurrency Scams to Protect Investors

Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in […]

Xem chi tiết: Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in […]

Xem chi tiết: Uganda’s Financial Intelligence Authority Wants Government to Formulate a Crypto Regulatory Framework

Fraudsters Impersonate a US Federal Agency by Sending Emails Asking for Bitcoin Wallet Keys

U.S. consumers have been receiving fake emails that attempt to impersonate a federal regulatory agency which has raised alarms among crypto community members. The U.S. Office of the Comptroller of the Currency (OCC) warned that such bogus messages ask people for their bitcoin wallet keys. Fictitious Message Contains Several Grammar Mistakes and Typos According to […]

Xem chi tiết: Fraudsters Impersonate a US Federal Agency by Sending Emails Asking for Bitcoin Wallet Keys

Report: Over 100,000 African Youths Have Participated in Binance’s Crypto Education Initiative

According to reports, over 100,000 African youths have taken part in Binance’s crypto and blockchain education barely a year after the learning program was launched. Dubbed the Binance Masterclass, the education initiative is aimed at equipping newcomers with basic knowledge about cryptocurrencies. Also, as one report explains, the initiative seeks to stop young African traders […]

Xem chi tiết: Report: Over 100,000 African Youths Have Participated in Binance’s Crypto Education Initiative

Elon Musk Impersonators Rake in $2 Million: Regulator Warns of Fake Giveaway Cryptocurrency Scams

The U.S. Federal Trade Commission (FTC) says reports of cryptocurrency scams have skyrocketed. In particular, people have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators within the past six months. Elon Musk Impersonators and Other Cryptocurrency Scams The FTC published “Consumer Protection Data Spotlight†Monday. FTC analyst Emma Fletcher wrote, “Reports […]

Xem chi tiết: Elon Musk Impersonators Rake in $2 Million: Regulator Warns of Fake Giveaway Cryptocurrency Scams

Richard Branson Found to Be Crypto Scammers’ Favorite Brit Celebrity

Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning

Report: Banking Giant Natwest to Refuse Service to Businesses That Accept Cryptocurrencies

Report: Banking Giant Natwest to Refuse Service to Businesses That Accept Cryptocurrencies

Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

Texas Issues Orders to Stop ‘Binance Assets’ and 2 Other Fraudulent Crypto Investment Platforms

Turkish Police Dismantle Massive Chinese Crypto Scam That Held 101 Hostages

Other Articles