UK bank NatWest launches crypto fraud alert for mobile app users

In a major development, British Westminster Bank turned to NatWest to help crypto investors. To protect investors from dubious crypto plans and crypto scams, NatWest has issued an “ urgent '' crypto fraud alert to users of its mobile app. Users of the NatWest mobile application are directed to an alert system in case of suspicious cryptographic projects. Additionally, the alert also alerts account holders to give them direct control over the digital wallets that process transactions. It asks users to pay attention to projects that promise excessive returns. The bank noted that one of the most common crypto scams is celebrity fake turnover. Here, potential investors are invited to fill out an online form and are encouraged by a phone call to create a crypto wallet. On the other hand, the fraudster installs remote access software with which he can access his device. Victims are asked to deposit large sums of money into their crypto wallet while scammers liquidate all money on their side. Jason Costain, head of fraud prevention at NatWest, told the BBC: “We stopped sending millions of pounds to crypto criminals profiting from strong interest in the currency. But consumers should always be on the lookout for the use of fake websites and celebrity ratings, especially ”. FCA regulatory oversight The Financial Conduct Authority (FCA), the UK's most important financial regulator, has listed these suspected and unauthorized companies. FCA warns that people doing business with any of these companies are not protected by the regulator. The NatWest mobile app also warns users to register with FCA when dealing with crypto vendors. With the latest boom in the crypto market this year, the number of scams has skyrocketed at the same time. Regulators are looking for projects that target pure investors. Regulatory agencies around the world have tightened the functioning of various organizations.

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