Every day we see the acceptance and demand for crypto increasing. On the other hand, there are some parties who try to take advantage of the public by offering investment schemes that are fraudulent (scam).
Acknowledging this often happens, British Westminster Bank NatWest has taken steps to curb scammer to continue to scam the public. The latest report, Bank of Westminster has launched an app that provides crypto fraud alerts for users of the NatWest mobile device app.
Users of the NatWest mobile app act as alerters who warn if there is a suspicious crypto project. In addition, the warning notification will ask users to be wary of projects that offer false promises of lucrative returns.
The bank noted that one of the most common crypto scams lurks under fake accounts of artists on social media. Usually investors will be asked to fill out a form and ask the crypto investor to create a crypto wallet with them.
The victim is then asked to make a deposit in the crypto wallet then the scammer will take away the funds eventually.
The U.K.’s top financial regulatory body - the Financial Conduct Authority (FCA) - has compiled a list of such dubious and illegal companies. The FCA warns that people who deal with any of these firms should be vigilant. The NatWest mobile app also warns users that when dealing with any crypto vendor whether the project we are dealing with is registered with the FCA or not.
The move taken by the UK bank is seen as a positive step that can create a more conducive and secure market.
