Cryptocurrency fraud is on the increase
We’ve taken steps to help protect you from cryptocurrency fraud. This follows a large rise in the number of our customers falling victim to these scams.
Why cryptocurrency can be high risk
The Financial Conduct Authority (FCA) has warned that investing in cryptocurrency assets generally involves taking very high risks. The value of cryptocurrencies can change very quickly, with all funds invested at risk, so you could lose everything.
Crypto assets are unregulated so if something goes wrong, money held in crypto wallets is not protected by the Financial Ombudsman Service and Financial Services Compensation Scheme.
Cryptocurrency payment limits
The following limits will apply to payments you send to cryptocurrency exchanges using:
- your debit card
- our digital banking services (online and mobile banking)
- our branches and contact centres
Our limits:
- Payments – £2,500 for a single transaction and a total of £10,000 in any rolling 30-day period.
- Debit cards – £2,500 for a single transaction and a total of £10,000 in any rolling 30-day period.
These limits are applied per customer with transaction values monitored over a 30-day rolling period.
You can still receive payments from cryptocurrency exchanges into your account.
Read more about our payment limits.
We will continue to refuse credit card payments to purchase cryptocurrency.