Crypto Scams: Is This the New Wire Fraud?

The “modern update” to this wire transfer scheme is that it can be done with no witnesses. With wire transfers, victims often had to fill out a form at the bank and hand it to a bank teller. The victim would have longer to think about the actions and more than likely, realize their mistake while filling out the form. By making a transfer as effortless as scanning a QR code, criminals can talk their way into situations, and victims have less time to consider whether or not to send money to a complete stranger.

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UK Treasury and Bank of England Consider Digital Currency

The Bank of England and the Treasury announced they were creating a task force to consider the potential risks and benefits associated with implementing a central bank digital currency (CBDC). The task force will be jointly led by Sir Jon Cunliffe and Katharine Braddick. Sir Jon Cunliffe is the Bank’s deputy governor for financial stability. Katherine Braddick is the Treasury’s director general of financial services.

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