The UK pledged 400 new jobs to update its approach to curb insurance and cryptocurrencies frauds
The UK pledged 400 new jobs to update its approach to curb insurance and cryptocurrencies frauds
The UK government has announced that it will ban cold calls that sell financial products, including insurance and cryptocurrencies. This move is part of a wider effort to crack down on fraud, which is estimated to cost the UK around £7 billion ($8.7 billion) every year. The announcement was made as part of the UK government’s new fraud strategy, which also includes the creation of 400 new jobs to update its approach to IQ-led policing. The aim is to create a more effective system for identifying and prosecuting chapters and to provide better protection for consumers.
One of the key ways in which the government plans to tackle fraud is by working with telecoms regulator Ofcom to use new technology to undermine phone number “spoofing.” This is a technique often used by fraudsters, which involves them impersonating legitimate UK phone numbers to make their calls appear more convincing.
By putting an end to this practice, the government hopes to make it more difficult for fraudsters to carry out their scams. It is also hoped that the ban on cold calls selling financial products will help to protect vulnerable consumers from falling victim to fraudulent schemes.
The decision to ban cold calls from selling financial products, Insurance has been widely welcomed by consumer groups and industry experts. Many have praised the government’s commitment to tackling fraud, and have called for further measures to be introduced to protect consumers from scams and fraudulent activity.
It is important to note that the ban on cold calls selling financial products will not apply to calls made by companies with whom consumers already have a relationship, such as their bank or insurance provider. However, any company found to be in breach of the new rules could face significant penalties, including fines and legal action.
Prime Minister Rishi Sunak issued a statement in which he said, “Scammers ruin lives in seconds, deceiving people in the most heinous ways in order to line their pockets.” “Wherever they try to hide, we will pursue these fraudsters.”
the UK government’s new fraud strategy is a significant step forward in the fight against scams and fraudulent activity. By banning cold calls selling financial products and introducing new measures to undermine phone number “spoofing,” the government is taking important steps to protect consumers and prevent fraudsters from profiting at their expense. With 400 new jobs set to be created to update intelligence-led policing, the government’s commitment to tackling fraud is clear, and it is hoped that this will lead to a safer and more secure environment for consumers across the UK.
