Prime

Read

<div class="cryptonews"> 
 <p class="is-style-lead">The UK government has proposed banning unsolicited cold <a rel="noopener noreferrer nofollow" title="calls" href="https://thebittimes.com/tag/calls.html">calls</a> for all consumer financial products and services, including <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies.</p> 
 <p>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.</p> 
 <p>Reports of <a rel="noopener noreferrer nofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a> 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.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“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 <a rel="noopener noreferrer nofollow" title="calls" href="https://thebittimes.com/tag/calls.html">calls</a> offers a unique opportunity to manipulate potential victims, enabling the fraudster to adapt their approach and tactics instantaneously.”</p> <cite>HM Treasury</cite> 
 </blockquote> 
 <p>While cold calling is already restricted for financial products like pensions, the Treasury said the patchwork approach causes confusion and allows scammers to find loopholes.</p> 
 <p>The proposed ban would cover unsolicited phone <a rel="noopener noreferrer nofollow" title="calls" href="https://thebittimes.com/tag/calls.html">calls</a>, marketing <a rel="noopener noreferrer nofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a>s, and other financial products to individual consumers. This includes <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, one of the fastest-growing targets for scammers.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Israeli police links local businessman to $290 million crypto scam 
 </div> 
 <p>However, the ban would not restrict companies from marketing to other businesses. The government argues there is “inherently lower risk” in business-to-business cold calls. The consultation also seeks feedback on extending the ban to other communication channels like social media video calls.</p> 
 <p>Crypto industry advocates argue the technology itself is not to blame for scams and warn that overly broad regulation could stifle innovation. But consumer groups have welcomed proposals to crack down on misleading sales tactics.</p> 
 <p>The public consultation will close on 27 September 2023. If enacted, the Information Commissioner’s Office would enforce the cold calling ban, which can already issue fines for breach of telemarketing rules.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Cybercriminals launch new crypto scam using Google Ads 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

UK may ban crypto investment cold calls

TheBitTimes

Other articles published on Aug 25, 2023

FTX Warns Claimants of Cybersecurity Incident at Bankruptcy Claims Agent Kroll!

Western Union Collaborates With Ripple Exploring Blockchain Integration

From $10K to $1.2M: XRP Reality Check Amid Bitcoin Dominance

How to Sell Large Amounts of Bitcoin? (2023 Guide)

WEMIX PLAY Adds Four More Games to Its Lineup

KMD Traders Scramble as Komodo Price Goes Parabolic – What’s Behind the Surge?

Join our free newsletter for daily crypto updates!