Europe UK (Commonwealth Union) – In a significant step towards implementing the government’s Fraud Strategy, a comprehensive plan to prohibit cold calls related to financial products, including deceptive cryptocurrency schemes, mortgages, and insurance, has been unveiled. This pivotal step is marked by the launch of an extensive 8-week consultation that commenced on August 2nd.
The primary objective of this consultation is to devise strategies that effectively curtail fraudsters’ activities, thwarting their attempts to deceive individuals into purchasing fraudulent investments through unsolicited cold calls. Once these measures are enacted, individuals who receive cold calls offering such financial products will be alerted to the fraudulent nature of the call, leading to a reduction in the number of victims falling prey to scams.
The menace of fraudulent investment schemes poses a substantial threat to the UK’s economy, its consumers, and society as a whole. Shockingly, victims have incurred losses amounting to £750 million within the timeframe of 2022-23, as per data sourced from the City of London Police.
An integral facet of the government’s comprehensive approach to combatting fraud is the establishment of the National Economic Crime Victim Care Unit. This specialized team is committed to providing support to fraud victims and has been systematically introduced across all 43 police forces in England and Wales, in alignment with the initial announcement of the Fraud Strategy.
The potential ban on cold calls for financial products is part of the government’s efforts to safeguarding its citizens from falling victim to deceptive investment schemes and to bolstering the integrity of its financial landscape. Through strategic measures like these, the UK aims to reinforce its stance against fraud and emerge as a resilient and vigilant force against financial malfeasance.
Andrew Griffith, Economic Secretary to the Treasury, says “We want people to feel confident to put the phone down and report these illegitimate calls.”
