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Monday, March 4, 2024

U.K Government to Introduce Strict Ban on Cold Calls Selling Crypto

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UK Government

  • The UK offered 400 new jobs as a component of its new fraud strategy.
  • Fraud is presently the most common type of crime in the United Kingdom.

To prevent fraud, the United Kingdom is planning to outlaw cold calling for financial items, such as insurance and cryptocurrencies. According to the National Crime Agency, fraud costs the nation approximately £7 billion ($8.7 billion) yearly.

The UK offered 400 new jobs as a component of its new fraud strategy and altered its approach to intelligence-led policing. To avoid fraudsters from spoofing authentic UK phone numbers, the government will collaborate with the telecom regulator Ofcom to employ new technology.

U.K. Prime Minister Rishi Sunak stated:

“We will ban cold calls on all financial products, so that anyone who receives calls trying to sell them products such as cryptocurrency schemes or insurance will know it’s a scam.”

As per reports, The U.K. intends to crack down on cryptocurrency used for crime and is currently considering the Economic Crime and Corporate Transparency Bill, which will assist law enforcement authorities in seizing and freezing cryptocurrency used for crime.

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