Rishi Sunak Bans Cold Calls In UK
In an effort to reduce rising cases of fraud and scams, the United Kingdom government has banned cold calls to sell financial products, including cryptocurrencies. On Wednesday, Prime Minister Rishi Sunak announced the ban, noting that fraud accounts for more than 40% of crime in the country, costing the government $8.8 billion per year.
The move comes after reports that cryptocurrency fraud in the country increased by 32% in September 2022, reaching $283 million. The ongoing economic conditions in the United Kingdom have made it easier for fraudsters to target vulnerable individuals, particularly given the country’s recession and high cost of living.
The prohibition on cold calls is an important step towards protecting vulnerable people from fraudulent activities.
(With inputs from Shikha Singh)
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