Online bank Chase bans customers from buying cryptocurrencies following surge in scams
Online bank Chase bans customers from buying cryptocurrencies after a wave of scams
- Chase, which has 1.6 million British customers, bans customers from buying crypto
- Research shows that the amount lost to crypto fraud has increased by 40% in the past year
- NatWest, HSBC and Nationwide have already imposed restrictions
JP Morgan’s British bank is banning customers from buying cryptocurrencies after a wave of scammers.
Chase, an online bank with more than 1.6 million customers in Britain, will no longer allow cryptocurrency transactions via debit card or outgoing bank transfers from October 16.
In March, NatWest joined HSBC and Nationwide in imposing restrictions on customers making payments to crypto exchanges.
JP Morgan’s British bank bans customers from buying cryptocurrencies after a wave of crypto scams (Stock Image)
The amount of money lost to crypto fraud has increased by 40 percent in the past year, topping £300 million for the first time, says Action Fraud.
Criminals typically lure victims into purchasing counterfeit cryptocurrencies by posing as financial advisors, company representatives or celebrities and promising high returns on all money invested.
A Chase spokesperson said, “We are committed to keeping our customers’ money safe.”