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U.K. Government to Implement Strict Prohibition on Cold Calls Promoting Cryptocurrency Sales
- The UK has introduced 400 new positions as part of its updated fraud strategy.
- Fraud is currently the most prevalent form of crime in the United Kingdom.
In an effort to combat fraud, the United Kingdom is set to prohibit cold calling for financial products, including insurance and cryptocurrencies. The National Crime Agency reports that fraud costs the country around £7 billion ($8.7 billion) each year.
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The UK has introduced 400 new positions as part of its updated fraud strategy and has revised its approach to intelligence-led policing. To prevent fraudsters from impersonating legitimate UK phone numbers, the government will work alongside the telecom regulator Ofcom to implement new technology.
U.K. Prime Minister Rishi Sunak remarked:
“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.”
According to reports, the U.K. aims to intensify its efforts against the use of cryptocurrency in criminal activities and is currently reviewing the Economic Crime and Corporate Transparency Bill, which will enable law enforcement agencies to seize and freeze cryptocurrency utilized in crime.
