The British bank Natwest has urgently warned its customers of increasing fraud with crypto currencies. The bank gave some tips on how to spot cryptocurrency-related scams to clients “considering investing in Bitcoin or other cryptocurrencies”.

“If you ignore the advice above, you could lose all of your money,” warned the bank.

Natwest Tips for Spotting Crypto Scams

National Westminster Bank (Natwest), a major UK commercial and retail bank, has issued an urgent cryptocurrency fraud warning on its mobile app. The warning advises customers to be wary of crypto-related scams after a record number of fraud reports in the past few months.

Natwest explains that a common fraud that people can fall victim to involves fake celebrity endorsements, such as the Virgin Group’s founder Richard Branson. Natwest’s fraud prevention director Jason Costain said:

“We prevented millions of pounds from being sent to crypto criminals. However, users should always be vigilant, especially when using fake websites and fake celebrity endorsements. “

Natwest Alerts in its Mobile Banking App | Source: Natwest

The first tip, Natwest advises customers that it is a scam if someone contacts them, promises big profits, and offers them to invest in cryptocurrencies.

In addition, the UK bank says customers should always be in control of their own crypto wallets. “If you can’t set up the wallet yourself or if you can’t access the money in the wallet, it is a scam,” added that in this case customers should stop paying immediately.

The bank later pointed out that many crypto traders are not registered with the UK Financial Conduct Authority (FCA). It emphasizes that customers should always use a company that is registered and listed on the FCA website. Natwest’s announcement ended with a warning:

“If you ignore the above advice, you could lose all of your money.”

Thach Sanh

According to News Bitcoin

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