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Worst UK bank issues crypto scam alert to deal with scams

A UK bank with the worst record for dealing with scam complaints has issued a cryptocurrency scam alert.

NatWest, which was accurately rated as the worst UK bank in 2020 for sensible legitimate fraud complaints, had allegedly received reports of scams between January and March 2021 after users of its mobile banking app Sent a warning to.

The warning paid particular attention to a type of scam that involves hackers installing remote access software on a victim’s computer or hardware. According to reports, the move usually sees criminals winning the trust of victims online, as an experienced businessman, or by pretending to be a celebrity. The victim is then persuaded to set up a cryptocurrency wallet and urged to invest. After a certain amount of crypto is sent to the wallet, the perpetrator empties it through the malicious software they have installed.

The head of fraud prevention at NatWest, Jason Costain, said the increasing interest in cryptocurrency has created an opportunity for exploiters to commit criminals, and urged customers to beware of fake websites and celebrity endorsements.

“We have prevented millions of pounds being sent to crypto-criminals who are exploiting a high level of interest in the currency. However, consumers should always be vigilant, especially for the use of fake websites and fake celebrity endorsements.” Costain said.

Ironically, the UK Financial Ombudsman’s data for the year ending May 2020 listed NatWest as the worst bank to accurately deal with fraud complaints from its customers.

According to the data, between 2019 and 2020, around 70% of NatWest’s decisions in such cases proved to be wrong, as is evident from the fact that the national regulator overturned the decisions. A year ago this figure was up to 87 per cent.

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