The U.K. government has announced plans to crack down on crypto and insurance fraud which is costing the country $9 billion annually. The government has banned cold calling for crypto investments and insurance. The United Kingdom government will employ 400 specialist staff and use new technology to detect the impersonation of legitimate U.K. phone numbers. As part of its crypto fraud crackdown, the government will also review methods criminals use to mass-text U.K. citizens. The National Crime Agency says that fraudsters rely heavily on information from data breaches. They use social engineering to steal personal data for laundering funds through the bank accounts of sometimes unwitting U.K. citizens. They also increasingly use online channels, with many investment frauds committed outside the U.K. Fraud schemes target vulnerable individuals such as the elderly. Prime Minister Rishi Sunak vowed in a recent statement: “We will take the fight to these fraudsters wherever they they try to hide.” The NCA hopes the introduction of new polymer banknotes will reduce fraud involving counterfeit physical fiat. In related crypto news, the Bank for International Settlements and the Bank of England recently piloted a real-time gross settlement system synchronizing ledgers used in asset transfers.
Full story : UK Targets Crypto Fraud to Reduce $9B in Annual Losses.
