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British bank NatWest has issued a crypto scam alert to its mobile app users. The bank issued the warning after noting that such type of scams has been on the rise this year.
National Westminster Bank (Natwest) said that it had received a record number of reports about crypto scams between January and March 2021, according to BBC. The bank is steps to prevent its clients from falling victim to such schemes by directing users of its mobile app to a warning screen advising them how to spot a potential scam.
“Warning: Thinking of investing in Bitcoin or other cryptocurrencies?” the warning reads. “Here’s what you should know.”
NatWest warned clients to be suspicious by someone who presents himself as a crypto trader offering to help them invest in digital currencies and promising big profits. The bank said that it is likely to be a scam.
The bank also reminded clients to always be in control of their crypto wallets. “If you didn’t set the wallet up yourself or can’t access the money in the wallet, this is a scam,” NatWest said. The bank also instructed customers to stop making payments immediately in case this happens.
NatWest also reminded clients that many crypto sellers are not registered with the U.K. Financial Conduct Authority. “Always use a firm that is on the Registered or Temporarily Registered FCA lists, which can be found on the FCA website,” the bank wrote.
The bank ended the screen with a warning to clients who decide not to follow its advice. “If you ignore the above advice, you could lose all of your money,” NatWest said.
One type of crypto scam uses fake celebrity endorsements to entice its victims. Potential victims are often prompted to fill in an online contact form and then convincing them to set up a crypto wallet.
Unknown to the victims, scammers install remote access software on their devices at some point. Victims are slowly coaxed to invest larger amounts until the scammers decide to empty their wallets in one go.
Another type of scam is the “get rich quick” crypto investment opportunity. “We have prevented millions of pounds from being sent to crypto-criminals who are exploiting the high levels of interest in the currency,” NatWest head of fraud prevention Jason Costain said. “However, consumers should always be alert, especially to the use of fake websites and bogus celebrity endorsements.”
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