UK’s worst bank to face fraud issues crypto scam alert


The UK bank with the worst record in handling fraud complaints has issued a cryptocurrency fraud alert.

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

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

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

“We have stopped ourselves 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 recommendations. “Said Costin.

Sarcastically, Data from the UK Financial Ombudsman for the year ending May 2020 revealed that NatWest is the worst bank to deal meticulously with its clients’ fraud complaints.

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

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