Online bank Chase bans customers from buying cryptocurrencies following surge in scams

Online bank Chase bans customers from buying cryptocurrencies following surge in scams

• Chase, which has 1.6m UK customers, is banning customers from buying crypto
• Research shows amount lost to crypto fraud jumped 40% in the past year 
• NatWest, HSBC, and Nationwide have already imposed restrictions

By Jessica Beard

Updated: 01:04 BST, 27 September 2023

JP Morgan’s UK bank is banning customers from buying cryptocurrencies following a surge in scammers.

Chase, an online bank with more than 1.6 million customers in the UK, will no longer allow them to make 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 UK bank is banning customers from buying cryptocurrencies following a surge in crypto scams

The amount of money lost to crypto fraud has soared by 40 pc in the past year, rising above £300 million for the first time, Action Fraud says.

Criminals typically lure victims into buying fake cryptocurrencies by impersonating financial advisers, company representatives or celebrities and promising high returns on any money invested.

A spokesman at Chase says: ‘We’re committed to helping keep our customers’ money safe and secure.’

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