NatWest is a retail banking company in the United Kingdom, also known as National Westminster Bank. The bank was established in 1968 and boasted an AUM of £799.491 billion till last year. However, at present, the bank authorities have decided to send their customers a warning message through the mobile banking application. The decision was made due to the increasing number of fraud complaints from the bank clients.
Jason Costain, head of the fraud prevention department at NatWest, said that with the help of these mobile application warnings, the bank has managed to raise enough awareness among customers and prevent millions of dollars of fraud from keeping spreading and becoming popular. When the account holders log into the NatWest app, they are prompted by a message to stay away from any person claiming to offer an easy setup method for digital wallets and making big profits in little time.
How are the UK Bank Clients Falling Prey to Cryptocurrency Frauds Each Year?
According to Costain, the worst type and most convincing crypto frauds are the ones that are the impersonation of celebrities. Many crypto scammers use fake celebrity endorsements to lure their victims into their scam plots. He advises people to always check a new business prospect with the UK Financial Conduct Authority or FCA. Certainly, any scam business would not be temporarily or permanently listed among FCA registered businesses.
In addition, to asking for more details about the new investment opportunities and their credentials, the users would be safe if they check for an FCA listing on the official website of the regulatory agency. As per the management of NatWest bank, the victims are often directed to fill out an online form to submit their details and send them directly to the scammers.
Financial Services is a Good Way to Intercept Fraudsters and Crypto Scammers
Sharing personal details can put the scammers at an advantage and allow them to commit more crimes like identity theft and spamming. After the scammers ask the users to set up digital wallets, they convince them to send their cryptocurrencies to the scammer addresses. Those who are unsure about the way cryptocurrencies work are prompted to purchase more digital assets and send more until they ran out of funds.
The bank account holders are targeted since they have funds available online that could easily be converted into cryptocurrencies. The bank authorities are trying to raise more awareness for the prevention of any more crypto-based frauds. It should be noted that once the scammer got hold of digital wallets or funds from their victims, it becomes almost impossible to reverse those funds.