Chase Bans Customers from Buying Cryptocurrencies Amidst Surge in Scams
- Chase, with 1.6 million UK customers, is banning customers from purchasing cryptocurrencies
- Research demonstrates a 40% increase in losses to cryptocurrency fraud in the past year
- NatWest, HSBC, and Nationwide have already implemented restrictions
JP Morgan’s UK bank is implementing a ban on customers buying cryptocurrencies as a result of an increase in scams.
Chase, an online bank with over 1.6 million customers in the UK, will prohibit cryptocurrency transactions made through debit cards or outgoing bank transfers starting October 16.
NatWest, HSBC, and Nationwide had previously imposed restrictions on customers making payments to cryptocurrency exchanges.
JP Morgan’s UK bank is banning customers from buying cryptocurrencies following a surge in crypto scams (Stock Image)
The amount of money lost to cryptocurrency fraud has increased by 40% in the past year, surpassing £300 million for the first time, according to Action Fraud.
Criminals often use impersonations of financial advisers, company representatives, or celebrities to deceive victims into purchasing fake cryptocurrencies, promising high returns on their investments.
A Chase spokesperson says: ‘We are dedicated to ensuring the safety and security of our customers’ money.’
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