• The UK government is taking action against crypto fraud by banning cold calls selling crypto and other financial products.
• This will involve blocking fraudulent communication routes, creating delays in suspicious payments, and providing 400 new employment opportunities.
• The annual cost of fraud in the UK is estimated to be £7 billion, making it a convenient place for criminals to attack.
UK Government Takes Action Against Crypto Fraud
The United Kingdom governance is taking a measure that will clamp crypto fraud in the region. It plans to ban cold calls selling crypto and other financial products. BBC News reported the move from the UK government as part of the actions involves blocking fraudulent communication routes of the scammers and creating delays in suspicious payments.
Ban on Cold Calls Selling Financial Products
The UK government is to ban cold calls on all financial products related to crypto and insurance through the fraud strategy and it plans to cooperate with the telecoms regulator Office of Communications. This will help to crack down on number ‘spoofing’ and prevent scammers from impersonating legitimate UK phone numbers to defraud their targets.
New Strategy by Government
Further, the government declared its intention to provide 400 new employment opportunities. This move will assist in updating its measures to intelligence-based policing in the country. Additionally, the government intends to ban other approaches and devices like ‘sim farms’ scammers use to reach thousands of residents at once. Also, it will monitor mass texting services to keep fraudsters at bay. Sim farms are innovative devices that can contain hundreds of sim cards. A computer can control them from any point. Criminals usually use sim farms to create and send multiple scam texts simultaneously. Another move by the government is that banks in the UK will delay the processing of payments for a more extended period creating more time to investigate suspicious transactions.
Increasing Rate Of Crypto Scams In The UK
The increasing rate of fraud and scams in the United Kingdom is becoming alarming, as 1 out of 15 people fall victim to scammers. Ofcom disclosed that scammers targeted about 41 million residents in the UK through fraudulent texts and calls last summer. Also,the annual cost of fraud in the country is estimatedto be £7 billion, equivalentto about $8 .7 billion . Accordingto a reportfromthe Bureauof Investigative Journalismandthe Observer ,theUK hasbecomeaconvenientplaceforcriminalstoattack .The reportcitedthatthefriendlyregulationswithintheregionmakeitanoperationalbaseforcriminalsallovertheworld .
In conclusion, TheUKgovernmentisimplementingnewmeasuresagainstcryptofraudinordertohelppreventcitizensfromfallingvictimtoscams .This includesbanningcoldcallsonfinancialproductstiedtocryptoandinsurance ,aswellasproviding400newemploymentopportunitiesandmonitoringmasstextingservicestokeepfraudstersatbay .