UK targets crypto cold call fraudsters

UK outlines new laws to ban cold calls promoting financial products, including crypto.

The UK is set to ban cold calls associated with financial products in a bid to curb fraudsters, including those running cryptocurrency scams.

Under its new fraud strategy, the UK is pledging 400 new jobs to update its approach to intelligence led policing.

Working alongside the telecoms regulator, Ofcom, it will use innovative technology to counter phone number “spoofing”, which would prevent fraudsters from impersonating legitimate UK phone numbers.

Fraud conducted over the internet or phone is now the most prevalent crime in the UK, with 1 in 15 people falling victim to it and a growing amount involving crypto.

The government aims to introduce laws that require financial institutions to reimburse victims of authorised fraud to help victims reclaim what they lost.

UK Prime Minister Rishi Sunak said in a statement that scammers “ruin lives in seconds, deceiving people in the most despicable ways in order to line their pockets”.

The UK has been trying to clamp down on cryptocurrency companies operating in the country unlawfully.

The Financial Conduct Authority (FCA) mandated that all companies engaged in crypto asset activity register with it per the existing Financial Services and Markets Act rules for the digital assets market.

The UK government has been looking to regulate the crypto market and regulations could be introduced within the next 12 months.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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