Cryptocurrency fraud

To keep your money safe from scams, we have decided to block or limit payments we identify as going to cryptocurrency exchanges. From 16^th of March 2023, we’ll block or limit Faster Payments and Debit Card transactions made to these exchanges to £1k a day and £5k in any 30-day period, until further notice. These limits apply separately to each account.

We know that customers investing their money in cryptocurrency has become extremely popular. However, we are also aware of the increasing risk posed by fraudsters exploiting this trend to dupe customers out of millions of pounds per month. As such, we have decided to take proportionate action to keep our customers safe and secure.

We monitor scam and fraud rates 24/7 and if these increase, we block or limit Faster Payments and Debit Card transactions to keep you safe. However, there’s no block or limits on payments being made to you.

If you’re worried about money, you’ve already paid, you’ll first need to contact the payee directly. If you then think you’ve been scammed, please report a fraud.

We are reaching out to our customers who have made a Faster Payment or Debit Card transaction to certain cryptocurrency exchanges recently, to advise of the steps we are taking. If you have made both types of transactions, you may receive two messages from us.

Since February 2018, to keep you safe and secure and not expose you to more risky debt, we have blocked the use of our Credit and Charge Cards to purchase cryptocurrency.

To keep your money safe from scams, we have decided to block or limit payments we identify as going to cryptocurrency exchanges. From 16^th of March 2023, we’ll block or limit Faster Payments and Debit Card transactions made to these exchanges to £1k a day and £5k in any 30-day period, until further notice. 

Yes, but please don’t try to make this payment; you’re likely to lose money and other banks may also restrict it.

If you feel pressured to pay, STOP and discuss it with someone you trust.

To protect yourself:

• Read our Investment scams guide.
• Check if this is an authorised company on the Financial Services Register.
• Check if this is a cryptoasset firm registered on the Financial Conduct Authority website.

We would recommend not attempting to make your payment via another method as it may continue to be declined. Also, making your payment via another method does not make it any less risky.

To continue to keep our customers safe, restrictions have been implemented for Personal, Business and Commercial customers.

As cryptocurrencies are unregulated assets, we’re unable to provide customers with advice. If you still wish to purchase cryptocurrency, we suggest that you seek independent financial advice via a trusted and regulated advisor or firm.

We know that investing in cryptocurrency has become extremely popular. However, we’re also aware of the increasing risks posed by fraudsters exploiting this trend to dupe customers out of millions of pounds per month. In addition, there have been recent regulatory warnings and announcements about the risks associated with cryptocurrency, particularly the lack of consumer protection.

We’ve therefore decided to take proportionate action to keep our customers safe and secure. This doesn’t mean that we block all cryptocurrency payments, but we will restrict payments to cryptocurrency exchanges that present the highest risk of financial harm.

Although you may have made payments to cryptocurrency exchanges previously, we continuously monitor fraud patterns and trends, adjusting our restrictions to keep you, and your money, safe and secure.

There are many differences between cryptocurrency firms and whilst we can’t provide advice on any particular cryptocurrency exchange, we would encourage our customers to seek independent financial advice via a trusted advisor or firm.

The purchase of cryptocurrency is lawful; however, we want to protect our customers. 

Our decision don’t stop you from moving your money from your cryptocurrency wallet into your bank account.

If you are unhappy that your payment to a cryptocurrency merchant has been declined and wish to make a complaint, please visit our complaints page.
However, it is important to note that this won’t change the outcome of the declined payment as this is in line with our current policy.  

If you think you have fallen victim to a cryptocurrency scam, you should report this to us immediately.