With cryptocurrency fraud on the rise, here’s how we’re making things safer
Preventing cryptocurrency fraud
We've brought in payment limits to help you keep your money safe
Cryptocurrency fraud is on the increase
We've taken steps to help protect you from cryptocurrency fraud. This follows a rise in the number of customers falling victim to scams.
Why cryptocurrency can be high risk
The Financial Conduct Authority (FCA) has warned that investing in crypto assets generally involves taking very high risks. The value of crypto assets can change very quickly, all funds invested are at risk so you could lose everything. Crypto assets are unregulated so if something goes wrong, money held in crypto wallets is not protected by the Financial Ombudsman Service and Financial Services Compensation Scheme.
Cryptocurrency payment limits
The following limits will apply to payments you send to cryptocurrency exchanges using:
your debit card
our digital banking services (Online & Mobile Banking)
Payments – £2,500 for a single payment and a total payment limit of £10,000 in any rolling 30-day period.
Debit cards – £2,500 for a single card payment and a total card payment limit of £10,000 in any rolling 30-day period.
These limits are applied per customer with transaction values monitored over a 30-day rolling period.
You can still receive payments from cryptocurrency exchanges into your account.