Online bank Chase is banning customers from buying cryptocurrencies after a surge in scams
- Chase, which has 1.6 million UK customers, bans customers from buying cryptocurrencies
- Research shows that amounts lost to crypto fraud have increased by 40% in the past year
- NatWest, HSBC and Nationwide have already imposed restrictions
JP Morgan’s UK bank is banning customers from buying cryptocurrencies after a rise in scammers.
Chase, an online bank with more than 1.6 million customers in the UK, will no longer allow cryptocurrency transactions via debit card or outbound bank transfers from October 16th.
In March, NatWest joined HSBC and Nationwide in imposing restrictions on customers making payments to crypto exchanges.
JP Morgan’s UK bank bans customers from buying cryptocurrencies after a surge in crypto scams (stock image)
According to Action Fraud, the amount of money lost to crypto fraud has increased by 40 percent in the past year, topping the £300 million mark for the first time.
Criminals typically lure victims into purchasing counterfeit cryptocurrencies by posing as financial advisors, company representatives or celebrities and promising high returns on the money invested.
A Chase spokesperson says, “We are committed to helping keep our customers’ money safe and secure.”