UK to Decide on Banning Cold Calls Over Financial Scams

UK to Decide on Banning Cold Calls Over Financial Scams

Time Stamp: August 24, 2023 8:57 AM
Source Node: 2842387

UK citizens must decide if they don’t want cold calls about crypto investments.

His Majesty’s Treasury published a consultation paper on a possible ban on scams involving cold calling.

Fraud cost to the country was approximately £6.8bn. The report outlined that “fraud is the largest crime type and now accounts for over 40% of all estimated crime in England.” Investment fraud is one of the most rapidly increasing categories and is described as particularly financially damaging.

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The Treasury laid out various instances of potential fraud, including those related to cryptocurrencies. The paper explained that for the initial trading instances, the scammer might supply the money to increase the person’s trust. The money is then misappropriated when the sums increase in scope.

According to the government agency:

This consultation paper explores how best to design and implement this ban to prevent scam calls from reaching the public, while allowing legitimate and beneficial communications from businesses to continue.

Based on the document, “any product or service of a banking or payment nature, including electronic money and cryptoassets” is considered to fall under the scope of the ban.

The paper also added that no reputable cryptocurrency or other financial ventures will engage in cold calling, and seeks to educate the public on how to recognize suspicious offers.

Consultation is currently seeking views and opinions on the topic of cold cold-calling ban. It will close on 27 September 2023.

It’s also worth noting that the United Kingdom is quite strict when it comes to crypto service providers, as evident by its low approval rate.

On top of that, the National Crime Agency reportedly is looking to strengthen its ranks as it gears up to tackle the growing number of blockchain-based criminal activities.

Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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