UK BANK Natwest has pulled its Getcash smartphone app due to fears that its users have been targeted by fraudsters.
Natwest's Getcash app launched back in June, allowing users of IOS, Android and Blackberry smartphones to withdraw up to £100 using their smartphone and a unique six digit PIN.
However, the bank has now withdrawn the app from all three app stores amidst reports that Getcash has been targeted by fraudsters. These reports came from BBC Radio 4's Money Box programme, which has revealed that some users of the Getcash app have had hundreds of pounds stolen from their accounts.
One man who spoke on the show said he had £950 taken from his account in 11 withdrawals over three days, while another supposed victim, Ed Woodcock told The Observer that fraudsters had used the app to shift £1,500 from his savings to his on-demand account before withdrawing £830.
He said, "I had my phone on me the whole time, so I'm not sure how they got my details or into my account. But it has made me much more wary about where I do my online banking: I'll only do it on a device I'm absolutely sure of in an environment that is secure - so no more logging on in internet cafes or using free WiFi on trains."
Natwest did not immediately respond to our request for comment, but has said that an update is coming that will see the daily withdrawal limit cut. µ