UK Government Considers Ban on Cold Calls for Financial Products, Including Cryptocurrencies

UK Government Considers Ban on Cold Calls for Financial Products, Including Cryptocurrencies



The UK government is considering prohibiting unrequested cold calls regarding all consumer financial goods and services, including digital currencies. A consultation paper was published by the HM Treasury this week, targeting the increase in investment scams, particularly those involving new technologies like cryptocurrencies.



The number of reported investment scams in the UK jumped to 23,900 in the 2022-2023 period, with financial losses approaching £750 million. This follows a recent statement from UK Prime Minister Rishi Sunak.



HM Treasury explained that cold calling is a common tactic used by fraudsters to impersonate legitimate businesses. The real-time nature of these calls allows scammers to adapt their strategies on the fly to manipulate potential victims.



Although there are already some limitations on cold calling for


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