02 August 2023

Presume all cold calls are scams, public told


The public are to be told to assume any cold calls for investment schemes or other financial products are scams under a new Government campaign against fraud.

Ministers are to consult on plans to introduce a ban on cold call sales of products including mortgages, crypto currency schemes and insurance following evidence that millions of people are targeted by scammers each week.

Once the ban is in force anyone being offered such schemes can assume they are a scam and anyone cold calling will face fines of up to £500,000.

More than 40 million adults in the UK were the target of a scam text or call in just three months, according to research by regulator Ofcom.

Cold calls offering pension products are already illegal, and the latest announcement extends these powers to other financial services. Scam investment schemes cost victims £750 million in 2022-23, according to the City of London Police.


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