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Cryptocurrency scams

What is Cryptocurrency?
The first part of the word, ‘crypto’, means ‘hidden’ or ‘secret’ reflecting the secure technology used to record who owns what, and for making payments between users.
The second part of the word, ‘currency,’ tells us the reason cryptocurrencies were designed in the first place: a type of electronic cash.
(Source: Bank of England)

What is a Cryptocurrency Scam?
It is a type of Investment scam, where scammers propose fake, but compelling opportunities to people who want to invest and make a profit in the world of digital currency. These scammers will contact people with the intention of stealing their money. 

How to spot cryptocurrency scam:
-    The scammer, through an advert or direct contact with you, promises you guaranteed easy, fast and high returns.
-    They might ask you to move money from your bank account into an account or cryptocurrency wallet they control or suggest to you. 
-    They convince you to share full access to your account. 
-    Scammers could pretend to be or impersonate a ‘celebrity’ or ‘Influencer’ or a representative from a well-known company, such as, for example, Amazon, Microsoft, SBI, other banks and/or services, etc.  
-    Scammers may send you a link or a QR code to download a fake app or download remote access software. Fake apps can look and seem convincing and can sometimes impersonate other apps, especially cryptocurrency apps such as Coinbase, OneKey, imToken, etc. 
You should never:
-    Accept uninvited/invited investment offers without doing due diligence.
-    Click on links in an unexpected text, email, or social media message. 
-    Let someone else set up a cryptocurrency wallet in your name or on your behalf. No one else should upload ID documents or manage investments on your behalf.
-    Do not download apps suggested to you by clicking on any link or other means. Instead, go to the App store or Play store and download it from there to minimise the chances of downloading a fake app. 
-    Do not take investment advice from social media accounts. If you need or would like investment advice, please speak to a qualified and experienced professional. 
-    Do not move money from your account on request if you do not know the person requesting it and have not verified their details and identity with them.
-    Never share your account details, including card details, with unknown third parties. 
-    Most offers which seem too good to be true, are too good to be true. Be sceptical of investment offers or suggestions which seem too good to be true. 

-    If someone calls you pretending to be a celebrity, influencer or well-known company and you suspect impersonation, ask them to give you their number and say you will call them back. Verify the details they give you separately – especially for companies. 
-    Always use verified contact details when you contact companies – including Amazon, SBI and other banks. SBI will always give you the details to use to contact us, including phone numbers and an address – you can check these on initial letters we have sent to you during account opening, on YONO SBI UK app, and online on our website.
-    If you need support, contact us at 0800 532 532 or email us at or contact your nearest branch

-    Cryptocurrency is not protected by the UK’s Financial Services Compensation Schemes (FSCS) because it is not considered a ‘specified investment’ under the UK regulatory regime. This means that if you fall victim to a cryptocurrency scam, you may not be able to claim compensation for the loss. 

FCA warns consumers of the risks of investments advertising high returns based on cryptoassests

Note: SBI (UK) Ltd does not offer Crypto products.

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