NatWest is limiting the value of payments customers can make to cryptocurrency exchanges to protect them from losing “life changing” sums of money.

The bank said it would introduce a daily cap of £1000, along with a 30-day payment limit of £5000.

The bank says the cap will protect customers against crypto criminals, who caused consumers to lose £329 million last year.

NatWest added that men over 35 are most at risk of losing money, as they are more willing to take on risky investments. The cost-of-living crisis is also attracting potential investors with criminals promising high returns.

Cryptocurrency is not protected by the UK’s Financial Services Compensation Scheme, with NatWest warning most are not regulated by the Financial Conduct Authority.

Commenting on the news, Stuart Skinner, head of fraud protection at NatWest, said that the bank had seen an increase in the number of scams using crypto exchanges, assuring customers that the new measures have been put in place to protect customers.

“You should always have sole control of your cryptocurrency wallet and nobody else should have access,” continued Skinner. “If you didn’t set the wallet up yourself or can’t access the money then this is likely to be a scam.“

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