Fraud makes up over 40% of crime in the country, and costs the U.K. government 7 billion British pounds (US$8.8 billion) a year, U.K. Prime Minister Rishi Sunak said in the statement. The country wants to crack down on fraud and scams, and is setting up a National Fraud Squad to tackle related crime with 400 new posts.
"We will ban cold calls on all financial products, so that anyone who receives calls trying to sell them products such as cryptocurrency schemes or insurance will know it’s a scam," Sunak said.
The reported value of U.K. cryptocurrency fraud climbed 32% to 226 million pounds ($283 million) in the year ending in September 2022.
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