According to a report, the British bank TSB will ban more than 5 million of its customers from buying cryptocurrencies because of concerns about “too high” fraud rates on trading platforms. report at the time.

Accordingly, the TSB plans to prevent 5.4 million of its customers from sending funds to trading platforms such as Binance and Kraken, fearing that scammers will set up e-wallets and steal the money as a result of the fraud.

Binance is of particular interest to the bank as roughly two-thirds of crypto fraud cases are related to the platform, the report said. Over a 30-day period, 849 TSB savers reported losing funds from their Binance accounts.

The report also states that the bank claims that Binance “almost never” responds to allegations of customer fraud, a claim that both Binance and Kraken deny.

It is the youngest UK bank to take action to fight cybercrime.

Warning of cryptocurrency investments

The UK’s National Reporting Center for Fraud and Cybercrime has issued a warning that investing in cryptocurrency can be a dangerous activity.

Citizens Advice and Fraud Action has briefed Teresa Jackson on the case. Impressed with the Bitcoin investment plan on Instagram, the 63-year-old retired teacher started thinking about investing some of his own money there.

She was then contacted by a person who claimed to be a financial advisor with unmatched knowledge of Bitcoin. The nameless man was considered very trustworthy and convinced Jackson to invest £ 120,000 which was her pension and savings.

Immediately after sending the money, she tried to contact the “advisor” and check what had happened to her investment, but there was no response and the money disappeared irrevocably.

Working with the City of London Police and the National Fraud Intelligence Bureau (NFIB), authorities are warning of the dangers of cryptocurrency trading. One of the leading fraud reporting centers has revealed that scammers advertise attractive investments but end up stealing money from victims:

Scammers will call victims and use social media platforms to promote investments in crypto mining and trading to get rich quick.

The hackers will then convince those who got into the joke to sign up for unknown crypto investment sites and open trading accounts with their driver’s license or credit card. Unfortunately, however, just investing an initial minimum deposit is never enough and hackers are starting to trick victims into investing more and more money in order to get a higher return.

Annie

According to Coindesk

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