The UK bank with the worst track record in handling fraud complaints has issued a cryptocurrency fraud alert.
NatWest ranked the worst bank in the UK for pinpointing legitimate fraud complaints in 2020, sent the alert to users of its mobile banking app after it reportedly received a record number of fraud reports between January and March 2021.
The alert specifically highlighted a type of fraud in which hackers installed remote access software on the victim’s computer or hardware. The hack often leads criminals to gain the trust of an online victim by either posing as a seasoned trader or by posing as a celebrity.According to reports. The victim is then convinced to install a cryptocurrency wallet and is asked to invest. After a certain amount of cryptocurrency has been sent to the wallet, the criminal empties it via the malicious software he has installed.
NatWest’s head of fraud prevention Jason Costain said the increasing interest in cryptocurrencies has given criminals an opportunity to take advantage of them and urged customers to beware of fake websites and celebrities.
“We have prevented millions of pounds from being sent to crypto criminals who take advantage of the high level of interest in the coin. However, consumers should always be on their guard, especially when using fake websites and fake celebrities. “Said Costain.
Ironic, The UK Financial Ombudsman’s data for the year ending May 2020 showed that NatWest is the worst bank for properly handling its clients’ fraud complaints.
According to the data, almost 70% of NatWest awards were found to be false in such cases between 2019 and 2020, as evidenced by the fact that the national regulator overturned the decisions. A year earlier, the figure had reached 87%.