Banks that fail to protect their customers from the dangers of cryptocurrency scams could lose out on millions of pounds worth of business, according to new research. A survey of 2,000 people by the FCA, the financial regulator, found that 37 per cent believed their bank had been “unfair” to them in the last 12 months, with most blaming staff for not detecting a scam.
Last week, I wrote a post about the latest UK bank scams. That won’t do. Last year, UK banks started warning their customers about cryptocurrencies. Now, they’ve taken things one step further. Citizens in the UK can now report scams related to cryptocurrencies, be they on social media, email, or phone calls.
In recent times, the British banking sector has been accused of failing to adequately protect its customers from being scammed by cryptocurrency criminals. Indeed, some of the most notorious scams in recent memory have been carried out against unsuspecting members of the public by phone and email – with the perpetrators piggy-backing on the fact that banks are required to provide information on many of the less identifiable crypto-currencies.. Read more about payments as a service and let us know what you think.The British bank with the worst record for handling fraud complaints has issued a warning about cryptocurrency fraud. NatWest, which was named the UK’s worst bank in 2020 for failing to correctly identify legitimate fraud reports, has issued a warning to users of its mobile banking app after it received a record number of fraud reports between January and March 2021. The warning draws attention to a type of scam in which hackers install remote access software on the victim’s computer or equipment. It is common for criminals to gain a victim’s trust online by pretending to be an experienced trader or by posing as a celebrity, according to reports. The victim is then persuaded to create a cryptocurrency wallet and encouraged to invest money. Once a certain amount of cryptocurrencies is sent to the wallet, the criminal empties it using the malware he installed. Jason Costain, head of fraud prevention at NatWest, said the increased interest in cryptocurrencies has given criminals the opportunity to exploit them and urged customers to be wary of fake websites and celebrity endorsements. We have prevented millions of pounds from being sent to crypto criminals who have a vested interest in the currency. However, consumers should always be wary, especially when it comes to using fake websites and fake celebrity reviews, Costain said. Ironically, data from the UK Financial Ombudsman for the year ending May 2020 showed that NatWest was the worst bank in terms of accuracy in dealing with customer fraud complaints. According to the data, between 2019 and 2020, nearly 70% of NatWest’s decisions in such cases were found to be wrong, as evidenced by the national regulator overturning the decisions. A year earlier this was 87%.Crypto scam alert. High street banks are being warned not to deal with customers who have been scammed out of their bitcoins by fraudsters. The warning has been issued by the Association of British Insurers (ABI), the trade body for UK banks.. Read more about why is cryptocurrency valuable and let us know what you think.
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