NatWest Implements Measures to Safeguard against Losses
A bank in the UK, NatWest, serving both commercial and retail customers has implemented measures to safeguard the interest of its customers. It is worried about its clients’ businesses and individuals.
With these measures, the bank hopes to protect its customers from possible losses related to cryptocurrency and other virtual assets.
This comes at a time when the ever-popular crypto token reached its highest value in several months.
Recently, Nat West introduced strict limits on payments made to cryptocurrency exchanges, which include both daily and monthly caps on such transactions.
Restrictions on Daily Transactions
The UK bank informed a news portal that it has put restrictions on daily transactions with the maximum amount fixed at $1216. This limit is specified for transactions involving cryptocurrency exchanges.
Additionally, the UK Bank has also set a limit of $6080 for crypto token transactions over a period of 30 days.
NatWest has put these new restrictions in place to prevent customers from suffering significant losses of money which could potentially have life-changing consequences.
The bank also mentioned that scams are not uncommon in the crypto industry and therefore, it is a risky business.
Every other day there is some new crypto-related scam alert and Ponzi schemes are also not unheard of in the crypto world.
Fraud Protection at NatWest
Stuart Skinner who is the head of fraud protection at NatWest made some observations on the increase in scams.
While highlighting the rise in crypto scams and their effect on customers, he commented on how they were protecting the interest of their customers.
Skinner mentioned how one could take extra caution and protect their virtual assets. He stressed the importance of being in charge of one’s cryptocurrency wallet and avoiding sharing access with others.
He further warned that if someone cannot access their wallet or it was not set up by them then it was likely a scam.
NatWest has noted that cryptocurrency scammers are taking advantage of the currency’s deteriorating economic conditions.
Due to inflation, prices of goods and services have skyrocketed and it is this situation that scammers are benefiting from.
They are offering high returns to crypto investors so that people invest in hopes of multiplying their funds.
The bank made observations that these crypto criminals are using the volatility of crypto markets to urge investors to invest.
Through tempting offers, they convince customers to transfer their money to exchanges that are set up in the latter’s names.
The bank also opined that it was men who were aged over 35 that were at the greatest risk of being conned. This is so because men around this age group are more likely to gamble with their investments.
These people are more fearless and open to risks so they fall for tempting offers and deals more easily.
Tips To Avoid Crypto Scams
The UK bank in its statement also gave some tips that could help prevent falling prey to these scams.
The bank advised that people should avoid sharing their private keys with any third party or as a matter of fact with anyone.
They further recommended that one must make considered decisions regarding investments, after having done their research properly.
One must take their time when making investment decisions and be weary of fake and bogus crypto exchanges, websites, and trading platforms.
NatWest also warned against giveaways which are one of the most common ways to tempt people into investing and then scamming them.
This is in fact one of the most common and popular ways of scamming around the world.
Around two years back, in 2021 NatWest stopped giving any credit and debit facility to the crypto trading platform Binance.
At that time it had cited concerns over the ever-increasing scams that surrounded the crypto industry.
NatWest issues statements and develops a new strategy to safeguard against fraud at a time when some major US banks are facing failure.
These include the Silicon Valley Bank, Signature Bank, and Silvergate Bank, all three of which are at the deep end of the financial crisis.
This has already decreased depositor confidence in the conventional banking system and rose the value of Bitcoin on the contrary.
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