Sat. Apr 20th, 2024

• The United Kingdom government is taking measures to clamp down on crypto fraud in the region.
• It plans to ban cold calls selling crypto and other financial products, as well as blocking fraudulent communication routes of the scammers.
• Additionally, UK banks will delay processing payments for a more extended period creating more time to investigate suspicious transactions.

UK Government Taking Measures To Clamp Down On Crypto Fraud

The United Kingdom government is taking measures to clamp down on crypto fraud in the region. It plans to ban cold calls selling crypto and other financial products, creating delays in suspicious payments, and blocking fraudulent communication routes of the scammers.

Banning Cold Calls On Financial Products Related To Crypto And Insurance

The UK government is to ban cold calls on all financial products related to crypto and insurance through their fraud strategy and it plans to cooperate with the telecoms regulator Office of Communications to help crack down on number ‘spoofing’ and prevent scammers from impersonating legitimate UK phone numbers to defraud their targets.

Creating 400 New Employment Opportunities

The government also declared its intention provide 400 new employment opportunities which will assist in updating its measures to intelligence-based policing in the country. Additionally, they plan on banning other approaches and devices like ‘sim farms’ used by scammer that can contain hundreds of sim cards controlled by computers from any point in order send multiple scam texts simultaneously.

Increasing Rate Of Crypto Scams In The UK

The increasing rate of fraud and scams in the United Kingdom is alarming, with 1 out of 15 people falling victim according 41 million residents targeted through fraudulent texts and calls last summer alone .The annual cost of fraud in the country is estimated at £7 billion (or $8.7 billion). A report from The Bureau of Investigative Journalism found that friendly regulations within the region make it an operational hub for criminals performing attacks.

Delaying Suspicious Payments

Banks in the UK will delay processing payments for a more extended period creating more time for investigating suspicious transactions; this move will help keep fraudsters at bay while providing extra security for consumers when dealing with cryptocurrencies or other financial products online.

By admin