Their website explains that cryptocurrency is accessible to everyone and with any budget, meaning anyone can fall victim.
Most firms advertising and selling investments in cryptoassets are not authorised by the Financial Conduct Authority (FCA).
This means that if people invest in certain cryptoassets, they will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong.
On their wesbite, Santander suggests how to protect oneself from investment and cryptocurrency scams
They said: “How to protect yourself from investment and cryptocurrency scams:
- Make the right checks – firms providing regulated financial services must be authorised by the FCA. You can check whether they are authorised on the FCA’s register
- Avoid clones (fake companies that look genuine) – use the contact details on the FCA Register, not the contact details you’ve found on an online advert, or that the firm gives you when they make contact.
- Don’t assume it’s real – professional-looking websites, adverts or social media posts don’t always mean that an investment opportunity is genuine. Criminals can use the names of well-known brands or individuals to make their scams appear legitimate.
- Stay in control – avoid uninvited investment offers whether made on social media or over the phone. If you’re thinking about making an investment, thoroughly research the company first and consider getting independent advice.
- Never download software or apps that allow someone remote access to any of your devices, including your computer, laptop, tablet or phone.
- Don’t allow anyone to set up a cryptocurrency wallet, upload ID documents or manage investments on your behalf remotely.”