NatWest’s head of fraud protection has emphasized the importance of crypto self-care in the face of banks imposing new crypto restrictions.
UK Retail and Commercial Bank NatWest Takes Action to Protect Customers from Bitcoin-Related Crypto Losses
record highs in several months.
On March 14, NatWest introduced strict restrictions on payments to cryptocurrency exchanges. It sets daily and monthly limits for such transactions.
According to the announcement shared with Cointelegraph NatWest has set a limit of 1,000 British pounds ($1,216) for daily transactions involving cryptocurrency exchanges. The bank also sets a 30-day payment limit of £5,000 ($6,080).
The latest restrictions introduced by NatWest are designed to protect customers from loss. “A life-changing amount,” the bank said, adding that investing in cryptocurrencies That is risky due to the large amount of fraud in the industry.
Stuart Skinner, Head of Fraud Protection at NatWest, said, “We are seeing an increase in fraud using cryptocurrency exchanges. And we are working to protect our customers.” The executive emphasized the importance of self-stewardship in crypto and warned crypto investors against entrusting the custody of their assets to third parties, stating:
“You should always have sole control over your digital wallet. and should not be accessible to anyone else If you haven’t set up a wallet yourself or don’t have access to funds. It might be a scam.”
According to NatWest, crypto scammers are increasingly taking advantage of the ongoing cost of living crisis. because it promises high returns
“Criminals take advantage of the lack of understanding that the market How cryptocurrency works and their instability to encourage investors to transfer money to exchanges These are often set up in their own names by criminals or by victims under their compulsion,” the bank said. Men over 35 are at greatest risk. This is because they tend to take risks associated with their investments.
In a statement, NatWest also shared steps to help avoid falling victim to scams. cryptocurrency including instructions not to share your private key with others The bank also advises crypto investors to read all the information slowly. To avoid investment rushes and fake websites, NatWest also advises investors to beware of giveaways as they are one of the most prevalent scams in crypto.
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NatWest has been known to cut off all credit and debit card payments to the Binance crypto exchange in 2021. At the time, the company also mentioned a high level of cryptocurrency investment fraud.
The news comes as Bitcoin rises above $26,000 as data from the US CPI. It showed that inflation was up 6% year-on-year and 0.4% month-over-month. The BTC price increase is also a result of ongoing uncertainty about the collapse of major US banks including Silicon Valley Bank, Silvergate and Signature Bank.