The U.Ok financial institution with the worst file for coping with rip-off complaints has issued a cryptocurrency rip-off alert.

NatWest, which was rated because the worst U.Ok financial institution for precisely discerning professional fraud complaints in 2020, despatched the warning to customers of its cell banking app after it reportedly acquired a file variety of rip-off experiences between January and March 2021.


The warning made specific observe of 1 kind of rip-off which includes hackers putting in distant entry software program on a sufferer’s laptop or {hardware}. The trick normally sees criminals successful a sufferer’s belief on-line, both by posing as an skilled dealer, or pretending to be a star, according to experiences. The sufferer is then persuaded to put in a cryptocurrency pockets and is urged to speculate. After a specific amount of crypto is shipped to the pockets, the felony empties it by way of the malicious software program they put in.

Head of fraud prevention at NatWest, Jason Costain, mentioned elevated curiosity in cryptocurrency had created a possibility for criminals to take advantage of, and urged prospects to be cautious of faux web sites and celeb endorsements.

“We now have prevented thousands and thousands of kilos from being despatched to crypto-criminals who’re exploiting the excessive ranges of curiosity within the forex. Nonetheless, shoppers ought to all the time be alert, particularly to the usage of faux web sites and bogus celeb endorsements,” mentioned Costain.

Satirically, knowledge from the U.Ok’s monetary ombudsman for the 12 months ending Might 2020 revealed NatWest to be the worst financial institution for precisely coping with fraud complaints from its prospects.

In keeping with the data, virtually 70% of NatWest’s adjudications in such situations proved to be incorrect between 2019 and 2020, as evidenced by the truth that the nationwide regulator went on to have the selections overturned. One 12 months earlier, the determine was as excessive as 87%.