Why do you want your bank telling you what you can do with your own money?
If you don't want to buy crypto, don't? I don't need a middle man for that.
If you don't want to buy crypto, don't? I don't need a middle man for that.
Same thing applies here. If crypto were, on a measure, as fraudulent as it was not, then this might be heavy-handed. But as it is currently the source of more fraudulent activity, at least as it concerns these banks, than forthright activity, I'm happy for my bank to toll the cost of preventing crypto financial exchanging, for the benefit of fraud protection.
YMMV, of course. Different strokes for different folks. But, like the parent commenter, I'm happy with how my bank purports to handle crypto transactions.
I'm just trying to understand the scenario here: you are caught up in a fraud, and unknowingly you give the fraudster access to information that they are able to leverage to make fraudulent purchases in your name and the 'win' here is that they can't spend it on crypto?
It seems like there are multiple points at which to address this problem prior to how they're spending your money.
Edit: I guess a lot of the comments are talking about the scam being that you are scammed into purchasing crypto somehow, a different scenario than someone having control of your account. Still though: people have been successfully swindling over the phone for a century. Having someone buy Monero instead of a wire transfer is just procedural.
No one cares until their account gets randomly closed without recourse.
I already don’t! But I also want my parents to be safe from the modern day equivalent of tech support scam, and good to see that some banks are being proactive about it.
My bank isn't on this list, but I wouldn't mind at least getting a text or app notification asking me to confirm it in the unlikely event I ever did anything with cryptocurrency.
e.g. https://www.reddit.com/r/UKPersonalFinance/s/X2qBxazYm6