British banking giants Natwest have recently been warning customers about the dangers of bitcoin and other cryptocurrencies. The bank has advised customers to beware of emails impersonating Natwest, or directing them to a website that looks like the bank’s website and starts by asking customers to confirm their details and then directs them to a page claiming to be Natwest’s “latest offers” page. But the offers are actually fraudulent.
It’s not just the latest, greatest cryptocurrency out there that’s in danger of being ripped off. According to a new report from NatWest, the British bank, cryptocurrency scams are on the rise, and there are several ways to protect yourself.
The growing popularity of cryptocurrency has attracted the attention of some of the worlds largest banks. Just this week, Natwest, a major British bank, issued a warning to its customers about potential cryptocurrency scams. In its warning, Natwest stated that cryptocurrency is an attractive proposition for scammers, since many customers may not understand the risks involved and will not be able to distinguish between cryptocurrency scams and legitimate services. With that in mind, below are some of the warning signs that customers should look out for.. Read more about is cryptocurrency legal and let us know what you think.
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 a 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 
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 a scam, 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.Natwest bank, a major British bank, recently sent a warning to customers on how to avoid cryptocurrency scams.. Read more about next bitcoin stock and let us know what you think.
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