NatWest: Sea shanty warns customers about fraud
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The scam typically involves criminals posting adverts online carrying a bogus celebrity endorsement on a fake website with an article promoting cryptocurrency. Investors are asked to complete a contact form and the criminal uses these details to follow up with a telephone call. During the call the fraudster, a “cryptocurrency trader”, helps the victim open a wallet with a cryptocurrency trading platform and in the process persuades the victim to install remote access software onto their computer.
Initially the victim transfers a small amount of money to the wallet, but over time they are persuaded to invest far larger sums by the criminals. Remote access software is used to empty the victim’s cryptocurrency wallet.
A record number of cryptocurrency investment scams reported between January and April this year. The value of money UK consumers lose annually to investment scams has increased 42% to £135.1m according to banking body UK Finance.
NatWest has a number of sophisticated fraud prevention measures in place to stop customers falling victim to this type of fraud.
Jason Costain, head of fraud prevention NatWest said, “We have prevented The first three months of the year saw a record number of cryptocurrency investment scams reported. The value of money UK consumers lose each year to investment scams has increased 42% to £135.1m according to banking body UK Finance.
Millions of pounds from being sent to crypto-criminals who are exploiting the high levels of interest in the currency. However, consumers should always be alert, especially to the use of fake websites and bogus celebrity endorsements.”
NatWest encourages customers to beware of fake websites advertising get-rich-quick cryptocurrency schemes and urges anyone who is trading in cryptocurrency to verify that no one else can access their cryptocurrency wallet. If suspicious, investors should immediately stop making payments and contact their bank and the cryptocurrency wallet provider.
The Financial Conduct Authority website https://www.fca.org.
Top tips to avoid becoming a cryptoscam victim
NatWest is also offering customers free Malwarebytes software to help with added online protection and recently introduced a Manage My Limits feature online which enables customers to configure their own security settings by restricting the amount of money that can be transferred out of their account.
More information on how to avoid scams is available from www.natwest.com or by clicking here.
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