NatWest has become the latest British bank to decide on restrictions for customers buying cryptocurrency.
This decision is due to concerns related to the risk of fraud. The financial institution introduces a daily limit of 1,000 pounds and a 30-day payment limit of 5,000 pounds for crypto exchanges. Representatives of the bank say that these measures will help protect customers from losing amounts that are of vital importance.
NatWest reports that every year in the UK, scammers steal cryptocurrency worth about 325 million pounds. Representatives of the bank also note that this currency is not protected by the financial services compensation system. Another risk factor is the fact that most of the cryptocurrency providers are not in the area of control by the FCA.
Stuart Skinner, head of fraud protection at NatWest, says that there is currently an increase in criminal activity associated with the commission of various kinds of illegal actions on cryptocurrency exchanges. He also noted that the actions of the financial institution are aimed at ensuring that the risk of damage from such activity is minimal for customers.
Earlier in March, HSBC and the Nationwide Building Society decided on similar restrictive measures against consumers who buy cryptocurrency. Financial institutions explained their actions with the corresponding concerns of the regulator. Santander limited the activity of customers buying cryptocurrency back in November.
NatWest reminds consumers of precautions that will prevent them from becoming a victim of fraud. You can not tell the password from the crypto wallet to anyone under any pretext. Even if the interlocutor explains the corresponding request by the need to deposit money into the account. Should also be careful when making decisions about investing in cryptocurrency. Another important measure is ignoring advertising campaigns about the distribution of accounts.
As we have reported earlier, Natwest Installs Card Recycling Machines.