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

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


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

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

“We’ve 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 using pretend web sites and bogus celeb endorsements,” mentioned Costain.

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

Based on the data, nearly 70% of NatWest’s adjudications in such situations proved to be improper between 2019 and 2020, as evidenced by the truth that the nationwide regulator went on to have the choices overturned. One yr earlier, the determine was as excessive as 87%.