Cold Calls Crushed: UK's Daring Plan To Eliminate Crypto Scammers And Save Billions

A comprehensive plan to fight fraud has been launched by U.K. Prime Minister Rishi Sunak, with a focus on cold calls being made to sell financial items, including cryptocurrencies.

Fraud costs the U.K. almost £7 billion annually and today makes up over 40% of all crimes. The new regulations are intended to combat fraud, the criminals who perpetrate them, and the technologies they use, according to a statement released by the prime minister.

The government is using a number of tactics to stop fraudsters from getting to their targets. Cold calls pitching financial items, such as cryptocurrencies and insurance plans, are among them.

In addition, the government would outlaw "SIM farms," devices that let con artists send mass texts. Officials will also work with the communications watchdog Ofcom to reduce the amount of "spoofing" that's taking place, a strategy con artists use to pass as legal companies.

The National Crime Agency and the City of London Police will lead the National Fraud Squad, which the government will establish, along with 400 additional roles, in order to prosecute more fraudsters.

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In order to find and stop fraudsters operating abroad, the U.K. will intensify its collaboration with other nations and use its intelligence community.

The government will invest £30 million in a state-of-the-art fraud reporting center, scheduled to open within the year, to enable citizens to better protect themselves.

Additionally, the government is working with tech firms to make it easier for people to report online fraud, making sure that users can easily find the "report" button on any social media platform.

The strategy also suggests extending the processing time for payments by banks, enabling them to look into questionable transactions and shield potential victims from scammers.

Prime Minister Sunak underlined his resolve to stop fraudsters' illegal acts and safeguard people from scams, particularly those involving cryptocurrencies.

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