Staying safe with crypto

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 and taken steps to help protect you from cryptocurrency fraud. 

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)
  • contact centres

Our limits:

  • 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.

Read more about our Payment Limits

We will continue to refuse credit card payments to purchase cryptocurrency.

How to protect yourself from cryptocurrency scams

Don’t assume it’s real

Professional-looking websites, adverts or social media posts don’t always mean that an investment opportunity is genuine. Scammers can use the names of well-known brands or individuals to make their scams appear legitimate. 

Don’t be rushed or pressured

A genuine bank or financial organisation won’t force you to part with your money on the spot. Always be wary if you’re pressured to invest quickly or promised returns that sound too good to be true. 

Stay in control

Avoid or ignore uninvited investment offers, especially those over cold calls. If you’re thinking about making an investment, get independent advice and thoroughly research the company first.

Top tips to keep your money safe when it comes to crypto

  • do your research: learn how investment and trading work
  • remember: genuine cryptocurrency exchanges won’t ask you to download software to give them remote access to your devices or finances
  • avoid investments advertised using cold calls, social media or WhatsApp
  • don’t assume a professional-looking website, advert or portfolio is real
  • check the firm is authorised by the Financial Conduct Authority and that it doesn’t show on the FCA’s Cloned Firms list
  • don’t rush into deciding to invest – stop, take time and review
  • be alert to promised returns that sound too good to be true
  • don’t give anyone access to your digital wallet
  • consider speaking to a financial advisor before investing.

 

 

Seen something suspicious?

To report a scam or fraudulent activity, get in touch on our usual number. You’ll find this on the back of your first direct card.

 

Find out more on how to protect yourself from fraud by visiting Fraud & Security.