NatWest has issued an alert to people to beware of cryptocurrency scams.

The bank said it has prevented millions of pounds from being sent to “crypto-criminals”.

The frauds typically involve criminals posting adverts online carrying a bogus celebrity endorsement on a fake website with an article promoting cryptocurrency.

Investors are asked to complete a contact form and the criminal uses these details to follow up with a telephone call.

During the call the fraudster, posing as a cryptocurrency trader, helps the victim open a wallet with a cryptocurrency trading platform and in the process persuades the victim to install remote access software onto their computer.

Initially the victim transfers a small amount of money to the wallet, but over time they are persuaded to invest far larger sums. Remote access software is then used to empty the victim’s cryptocurrency wallet.

NatWest is offering customers free software to help with added online

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