In a significant event, British Westminster Bank NatWest has gone to the aid of cryptocurrency investors. NatWest has issued an ‘urgent’ crypto fraud notice to its mobile app customers in order to safeguard them against questionable crypto schemes and crypto frauds.
NatWest mobile app users will need a warning sign in case there are any dubious crypto projects. Furthermore, the notice informs account holders to control the digital wallets that manage transactions directly. Finally, it warns people to be wary of ventures that promise exorbitant profits.
A phony celebrity endorsement is one of the most typical crypto frauds, according to the bank. The head of fraud prevention, Jason Costain, stated that; The victims are then urged to make considerable contributions in the cryptocurrency wallets while the fraudsters liquidate all monies at their end.
According to the bank, they have blocked millions of pounds from being routed to crypto-criminals taking advantage of the currency’s increasing interest levels. Consumers should, however, be vigilant, particularly when it comes to the use of fraudulent websites and celebrity endorsements.
The Financial Conduct Authority (FCA), the United Kingdom’s leading financial regulatory organization, has compiled a list of such questionable and illegal organizations.
According to FCA, any business engagement with any of these companies will not be protected by the regulator. Therefore, the NatWest mobile app also urges users to ensure that any cryptocurrency merchants they interact with are registered with the FCA. With the recent boom in the cryptocurrency industry this year, the number of frauds has also surged.
Regulators are on the prowl for enterprises that prey on unsuspecting investors. As a result, regulators throughout the globe have regulated the workings of various crypto businesses, mandating them to do AML and KYC checks on investors.