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 â€œthinking of investing in bitcoin or other cryptocurrenciesâ€ on how to spot scams involving cryptocurrencies. â€œIf you ignore the above advice, you could lose all of your money,â€ the bank cautioned.
Natwestâ€™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. Natwestâ€™s head of fraud prevention, Jason Costain, was quoted by the media as saying:
â€œHowever, consumers should always be alert, especially to the use of fake websites and bogus celebrity endorsements,â€ 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: â€œWarning: Thinking of investing in bitcoin or other cryptocurrencies?â€ Natwest proceeded to highlight four key points to consider to help customers spot and avoid crypto scams.
The first tip advises customers that if someone contacted them, â€œpromising big profitsâ€ 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. â€œIf you didnâ€™t set the wallet up yourself or canâ€™t access the money in the wallet, this is a scam,â€ the alert notes, adding that in this case, customers â€œshould 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 Natwestâ€™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.