According to the latest reports, a bank from the United Kingdom has recently issued a warning around cryptocurrencies. According to sources, the name of the bank is NatWest that is popular for being the worst in dealing with scams.
In the entire United Kingdom, the NatWest being is considered the worst when it comes to dealing with complaints related to scams. It is also ranked as the top bank when it comes to discerning a legitimate project from a scam one.
However, the NatWest Bank has recently issued a warning related to a cryptocurrency scam that has been going on in the United Kingdom.
The firm has revealed that it has received a significantly higher number of complaints related to the cryptocurrency scam. NatWest bank has confirmed that it has observed a surge in the number of cryptocurrency-related scams in the first quarter of 2021.
As a result, NatWest has gone ahead and issued a warning for all of the mobile banking applications. The banking firm has revealed that it is constantly receiving complaints related to cryptocurrency scams. Therefore, it has issued a warning for its users for awareness and vigilance when dealing with projects in the crypto-verse.
NatWest has revealed that the number of crypto-scam complaints it has revealed is all-time high compared to the previous quarters.
In the warning, the banking firm has made the users aware of one particular scam. The warning revolves around scams where the hackers manage to install software/malware onto the hardware or computers of the users.
This way, the hackers are able to steal away the personal and financial data of the users. The hackers do this with aim to exploit the data from the users and either uses it to steal money from the users. Or, they proceed with ransomware attempts, asking users to pay them, threatening to sell their information over to other cyber-criminals.
In the crypto-verse, the hackers execute their plans impersonating cryptocurrency service providers/brokers. They make the users believe that they are signing up on a crypto-brokerage, asking them to download the software for the trading platform.
Instead, the users end up downloading malware that the hackers operate from their end. Such malware allows hackers to access sensitive data on users’ hardware or computers. This way, the hackers steal away all the information into their systems and then use it illicitly.
Jason Costain, NatWest’s Head of Fraud Prevention has revealed that NatWest users are demonstrating a lot of interest in cryptocurrencies lately. Therefore, there are very high chances that some of these users may end up getting preyed on by the fraudsters.
Therefore, NatWest has taken it upon itself to issue warnings and intimations for its users to be extra vigilant about crypto-scams.
Head of fraud prevention at NatWest, Jason Costain, said increased interest in cryptocurrency had created an opportunity for criminals to exploit, and urged customers to be wary of fake websites and celebrity endorsements.
“We have prevented millions of pounds from being sent to crypto-criminals who are exploiting the high levels of interest in the currency. However, consumers should always be alert, especially to the use of fake websites and bogus celebrity endorsements,” said Costain.
Ironically, data from the U.K’s financial ombudsman for the year ending May 2020 revealed NatWest to be the worst bank for accurately dealing with fraud complaints from its customers.
According to the data, almost 70% of NatWest’s adjudications in such instances proved to be wrong between 2019 and 2020, as evidenced by the fact that the national regulator went on to have the decisions overturned. One year earlier, the figure was as high as 87%.