Around £1 million-worth of cryptocurrency scams are being reported to Santander UK by its customers each month.
The bank said it has recently seen an increase in the value of such cases, which can involve a fraudster taking over a victim’s computer and freezing them out of their accounts.
Customers may see adverts online for cryptocurrency investment “opportunities”, or be introduced to them by other social media users, and adverts can appear to be endorsed by celebrities.
After sharing their contact details, victims are then offered “high returns” and they may be put under pressure to invest.
The customer may then be told to download software to support them opening cryptocurrency accounts. The remote access software gives the fraudster full access to the computer.