UK Investor Falls Victim to Elaborate Crypto Scam

JM — Thu, 07 Sep 2023 20:45:45 +0000

A UK woman lost £180,000 ($227,292) in a sophisticated cryptocurrency scam. Criminals posed as investment advisors and gained access to her phone and laptop, transferring large sums of money.

UK Government Ramps Up Efforts to Tackle Fraud

The UK government plans to crack down on fraud, employing 400 specialists to combat the annual fraud cost of $9 billion. Prime Minister Rishi Sunak is determined to put an end to these activities.

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Life will never be the same and I am trying to come to terms that some people can be so ruthless.
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Cold Call Ban Proposed to Counter Crypto Scams

In response to the surge of crypto-related scams, the UK government is considering a ban on financial institutions conducting cold calls. Over 50% of UK landline users received suspicious calls between August and November 2022.

The post UK Investor Falls Victim to Elaborate Crypto Scam appeared first on Bitcoin Times.

UK Considers Blanket Ban on Crypto Investment Cold Calls

JM — Wed, 06 Sep 2023 23:42:38 +0000

The U.K. Treasury has released a consultation paper to understand the grassroots-level impact of a blanket ban on cold calls related to financial services and products. The government aims to crack down on rising cold calls targeting vulnerable individuals, including those involving cryptocurrencies.

Addressing Rising Fraud and Investor Losses

Fraud costs the U.K. an estimated £7 billion ($8.7 billion) annually, according to the National Crime Agency. The Treasury highlighted instances where cold calls resulted in investor losses, leading to the call for a blanket ban on finance-related cold calls.

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The government will not tolerate this behavior, said Andrew Griffith, the economic secretary to the Treasury.
”

Balancing the Ban’s Impact on Businesses and Scammers

The proposed ban will be subject to consultations and aims to minimize the impact on legitimate businesses while ensuring maximum impact on scammers. The move demonstrates the U.K. government’s commitment to tackling fraudulent activities in the financial services sector.