Santander It said the move comes after it saw a “huge increase” in UK customers being affected Cryptocurrency Fraud and Scams In recent months. From November 15, high street bank customers will be capped at £1,000 per cryptocurrency transaction. They are allowed to spend up to £3,000 in any 30 days.
Santander said the limits will apply to every Santander account and cover both online and mobile banking payments.
Santander noted that these changes will not prevent payments from cryptocurrency exchanges.
Santander explained that the limits on payments made through third-party providers via credit and debit cards, telephone banking, Santander branches and Open Banking on cryptocurrency exchanges do not apply.
The high street bank said those who had previously paid into the cryptocurrency would be given “advance notice” of upcoming payment limits.
Santander is currently looking into blocking some cryptocurrency payments, but has not yet announced when this will happen, and will notify customers in advance.
Apart from online and mobile banking, this block also includes telephone banking and branch payments.
Santander said it is “continuing” to review its position and will continue to update customers on future changes.
However, each bank in the UK makes its own decision regarding cryptocurrency fraud protection for customers and this is not the first time in the UK to introduce restrictions on customer payments for cryptocurrency exchanges.
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In June, Santander data revealed that the average amount lost to cryptocurrency fraud in the first quarter of the year was around £11,000, up 65 per cent year-on-year.
Between the end of 2021 and the first few months of 2022, the volume of frauds increased by 61 percent.
Based on current growth, Santander expects an 87 percent increase in celebrity-endorsed cryptocurrency scams in 2022 compared to 2021.
Santander has urged its customers to be vigilant and frequently shares ways people can spot scams on its Twitter account.
On its website, Santander said: “Remember the following advice so that if someone contacts you and pretends they’re not there, you can easily identify them.”
The bank recommends “taking time” to think about what a person is saying and urges them to end the conversation immediately if they sense any doubt or uncertainty.
They remind their clients that only criminals pressure someone to pay, and if this happens, people should cut off contact or talk to friends or family for a second opinion.
Santander also reiterates that a real bank or organization will not contact someone and ask for the card’s PIN or full password. It will never ask anyone to move money to another account.
Santander has compiled a full range of advice on how to spot the different scams that are prevalent in the UK, how people can best avoid falling for a scam and what people should be aware of when it comes to scams such as phishing emails and text messages. Contains links.
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