NatWest executive warns UK is ‘paradise’ for scammers and issues crypto fraud alert

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>The UK is a paradise for scammers, a top executive at one of Britain’s biggest banks has said, as he also issued a specific warning about cryptocurrency-related fraud.

>David Lindberg, who is chief executive of retail banking at NatWest, told i in an interview that he had “never seen a market worse” than the UK for scams.

>He called for more institutions to join the Contingent Reimbursement Model (CRM) code, which aims to reduce both the occurrence and impact of push payment scams.

>“It sets out standards for those that are in the code to adhere to. I can see fraud and scams dropping amongst that group. Those that aren’t part of that – often the way money is leaving the country and going into the pockets of scammers is through those.”

>Mr Lindberg said that cryptocurrency and the consumer demand for investing in it is causing a new wave of scams and a range of problems for banks trying to counter their effects.

https://inews.co.uk/inews-lifestyle/money/natwest-executive-uk-paradise-scammers-cryptocurrency–fraud-alert-1107879

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