UK Bank NatWest Launches ‘Urgent’ Crypto Scam Alert


The British bank has issued a crypto scam alert directing NatWest mobile app users to a warning screen, showing them to beware of cryptocurrency scam alert.

The bank claims to receive a “record number” of reports showing such a crypto scam between January and March 2021.

This kind of alert is a pressing dilemma for the account holders to make sure that no other person is manipulating their digital wallet which is set up to handle transactions, and to stay alert from the promises of big profits. 

Common Scam With Victims

The common scam which is swinging right now is the fake celebrity endorsement, it said. 

Frequently, Enthusiast crypto investors are directed to fill out an online contact form and then encouraged face-to-face conversation over the phone to set up a cryptocurrency wallet – but unknown to them the scammer installs remote access software on their devices, granting them access to it as well. 

Then they influence the victim to invest ever-larger amounts – Unless the scammer leaves a penny in the wallet.

Another scam trick played with the prey is a “get rich quick” cryptocurrency investment opportunity, the bank added. 

“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 Jason Costain, NatWest’s head of fraud prevention.

Financial Conduct Authority

The Financial Conduct Authority got the list of unauthorized firms and individuals which are now searchable, offering financial services.

If something goes wrong, the people involving in these will not be protected by UK’s financial authorities, the FCA warns. 

Crypto Scam Alert

The British bank warns NatWest mobile app users about the crypto scam with ‘Urgent’ reminder showing crypto scam alert on their screen, tells customers: 

  • a “trader” trying to contact with promises of big profits and assistance in setting you up on a scheme “is a scam”
  • If you’re not able to access your own crypto-wallet, cease all of your payments to it immediately. 
  • “You could lose all of your money,” without following the advice, it warns.

The value of cryptocurrencies is particularly volatile. This month the fluctuation in the price of Bitcoin alone was up to 40% – leaving some big winners and losers behind. It is not in charge of any financial authorities. 

Advertising around corrupt investments is prevailing on social media, and on Wednesday the Advertising Standards Authority banned an “irresponsible” billboard ad that appeared on London Transport.

In the US, cryptocurrency scammers pretending to be Tesla boss Elon Musk made more than $2m (£1.4m) in six months, consumer-protection officials said in May.

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James Robert is a journalist who covers all the social media and tech-related news for SG-educate, the world's largest multimedia news agency. He reports on tech from all over the world, focusing mostly on social media platforms. He has worked as a digital editor and online coverage of global breaking news on tech and big stories, reaching millions of readers across multiple platforms.

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