UK may ban crypto investment cold calls
The UK government has proposed banning unsolicited cold calls for all consumer financial products and services, including crypto currencies. HM Treasury released a consultation document this week. The ban aims to protect consumers from investment fraud, which has surged as criminals exploit new technologies like cryptocurrencies. Reports of investment fraud to UK authorities rose to 23,900 in 2022-23, with losses nearing £750 million. The document releases a recent announcement by U.K. Prime Minister Rishi Sunak. “Fraudsters often use cold calling to pose as a legitimate business so they can benefit from the high pressure they place on the people they call. The use of real time calls offers a unique opportunity to manipulate potential victims, enabling the fraudster to adapt their approach and tactics instantaneously.” HM Treasury While cold calling is already restricted for financial products like pensions, the Treasury said the patchwork approach causes confusion...