NatWest customers who use the mobile app to manage their finances are being warned of cryptocurrency scams.

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

NatWest said it has received a “record number” of reports about such scams between January and March 2021 and has directed a message to mobile app users.

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.

Jason Costain, head of fraud prevention at NatWest,…

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