UK Paradise for Scammers


A Top executive for NatWest bank has expressed his views that the UK currently is the ultimate paradise for scammers, as well as warnings concerning crypto-currency related fraud.

Market Leaders Not in a Good Sense

With the UK currently deemed as the worst market for scams, a concerted effort has been called for across governments, banks, police, internet service providers and social media operators in battling scams to a higher degree.

As frauds and scams are now deemed their own intelligent and fast-moving industry, focused on the destruction of the victim’s lives, calls for more institutions to rally together and join the Contingent Reimbursement Model (CRM) code are in effect, aiming to reduce both occurrence and impact of concentrated push payment scams.

CRM Code

The CRM code has standards to be adhered to that have seen scams and fraud attempts drop significantly among the group. Sections that are not part of the group are currently open to money leaving the country and into the pockets of scam artists.

The current craze of cryptocurrency and consumer demand around investing in it has seen a fresh surge in scams and a large range of problems for banks trying to counter the effects of them. Once the currency is exchanged into crypto, it is effectively gone and extremely hard for banks to recoup the loss in money to scammers.

Posing Websites

Fraudsters have been found to create websites posing as legitimate investing channels into cryptocurrencies like Bitcoin or Ethereum, with it not being identified as fake until it is too late. By setting up this facade with the look and feel of true cryptocurrency exchanges, larger amounts of users are being fooled into thinking they are invested in crypto when the fraudster is pocketing all the money sent.

Some con sites even go so far as to send a small sum to the user to assure that they are a legitimate investment, which will add a sense of trust towards the site until the day the customer discovers that their money is gone. In truth, it never existed, to begin with.

Wide Open Channel

Currently, the UK faces the massive issue of being wide open to scams from fraudsters and con artists. NatWest bank recently took action during the summer by instigating a limit on amounts customers can transfer towards cryptocurrency exchanges in a bid to combat the high level of investment scams it had identified through customers.

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