The worst UK bank dealing with fraud issues a crypto scam alert

The UK bank with the worst track record of handling fraud complaints issued a cryptocurrency fraud alert.

NatWest, rated the UK’s worst bank to precisely distinguish it from legitimate fraud complaints in 2020, Sent a warning to users of the mobile banking app after it reportedly received a record number of fraud reports between January and March 2021.

Note the warning especially a type of fraud that involves hackers installing remote access software on the victim’s computer or device. Hacking often causes criminals to gain the victim’s trust online, either by pretending to be an experienced trader or by pretending to be a celebrity.And the Based on the reports. Then the victim is convinced to install a cryptocurrency wallet and encourage him to invest. After sending a certain amount of cryptocurrency to the wallet, the criminal empties it through the malware that he installed.

NatWest’s chief of fraud prevention, Jason Costin, said the growing interest in cryptocurrencies had created an opportunity for criminals to exploit them, and urged customers to be wary of fake websites and celebrity endorsements.

“We have prevented us from sending millions of pounds to crypto criminals who exploit high levels of interest in the currency. However, customers should always be on the lookout, especially for using fake websites and fake celebrity endorsements.”Costin said.

Sarcastically, The data From the UK Financial Ombudsman for the year ending May 2020 revealed that NatWest is the worst bank to deal meticulously with fraud complaints from its customers.

According to the data, nearly 70% of NatWest Awards were found to be incorrect in such cases between 2019 and 2020, as evidenced by the fact that the National Regulatory Authority has continued to overturn decisions. In the previous year, the number had reached 87%.

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