UK-based NatWest has decided to implement daily and monthly limits to crypto payments in a bid to protect its users against cyber-criminals. The company is implementing a limit of GBP 1000 per day as well as a 30-day payment limit of GBP 5000 to cryptocurrency exchanges as a response to some of its customers losing considerable sums of money.

According to NatWest, men over 35 are most at risk as they are more willing to take on risky investments. The company also mentioned the cost-of-living crisis as well as its impact and the opportunities it provides for criminals to entice investors with promises of high returns. Cryptocurrency scams are often advertised online offering high returns on investments.

Criminals take advantage of a lack of understanding of how cryptocurrency markets work and their unpredictability in order to encourage investors to transfer money to exchanges, which are sometimes set up in the customer’s own name by the criminal or by the victim, under duress from the criminal. How to avoid becoming a victim of a crypto investment scam NatWest highlighted that cryptocurrency investments are often made through legitimate exchange platforms that allow customers to buy, sell or exchange cryptocurrencies for other digital currency or traditional currency. However, NatWest’s Head of Fraud Protection advised users to always have sole control over their cryptocurrency wallets and to make sure that nobody else has access to their digital assets.

He also brought up the fact that if users didn’t set up the wallets themselves or don’t have access to the money on it, they’re most likely falling victim to a scam. According to NatWest, scams involving cryptocurrency exchanges are on the rise. In order to avoid falling victim to these types of scams, users should refrain from sharing the passwords of their crypto wallets with anyone, even if their investors say that they need to deposit money into these wallets.

They should also take their time when performing a crypto investment, particularly when it comes to reading information on crypto investment websites. Typos and grammatical errors are usually indications that something’s not right. Giveaways, such as those presented on social media, can also be quite dangerous, as crypto-criminals use them to share fake messages from well-known companies and celebrities.

Many of these fake accounts will have positive responses within the advertisement, but these responses are also fake. .