The United Kingdom bank with the worst record for handling scam complaints has issued a cryptocurrency scam warning.
NatWest, which was rated as the worst U.K bank for accurately discerning legitimate fraud complaints earlier in 2020, sent the warning to users of its mobile banking app after it reportedly received several scam reports between January and March this year.
The warning made particular note of a kind of scam that involves hackers installing remote access software on a victim’s computer or hardware. The trick usually sees criminals winning a victim’s trust online, either by posing as an experienced trader or pretending to be a renowned celebrity, consistent with reports. The victim is then persuaded to put in a cryptocurrency wallet and is urged to take a position. After a particular amount of crypto is shipped to the wallet, the criminal empties it via the malicious software they installed.
Head of fraud prevention at NatWest, Jason Costain, added increased interest in cryptocurrency had created a chance for criminals to take advantage and urged users to be wary of faux websites and celebrity endorsements.
“We have prevented many pounds from being sent to crypto-criminals who are exploiting the high levels of interest within the currency. However users should be alert, especially to the utilization of faux websites and bogus celebrity endorsements,” added Costain.
Ironically, data from the U.K’s financial ombudsman for the year ending May last year revealed NatWest to be the worst bank for accurately handling fraud complaints from its users.
As per the data, almost 70% of NatWest’s adjudications in such instances proved to be wrong between 2019 and 2020, as evidenced by the very fact that the national regulator went on to possess the choices overturned. One year earlier, the figure was as high as 87%.