The Financial Conduct Authority (FCA) is alerting consumers to be vigilant against fake FCA scams after receiving a surge of reports regarding fraudulent emails and phone calls from individuals posing as the regulatory body.
Scammers are attempting to deceive people into disclosing funds or sensitive information, such as bank account PINs and passwords. So far this year, the FCA’s consumer helpline has documented 4,465 reports of these fraudulent activities, with 480 individuals falling victim and sending money to scammers.
Notably, nearly two-thirds of the reports have come from individuals aged 56 and older. One prevalent scam tactic involves fraudsters claiming that the FCA has recovered funds from an illegally opened crypto wallet in the victim’s name. Another common scheme targets victims of loan scams, with scammers falsely claiming to assist them in recovering lost money, leading to further demands for payment.
Additionally, a growing trend involves sending emails to consumers stating that a County Court Judgment has been issued against them, insisting that they pay the FCA the amounts owed.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, emphasizes, “Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA. We will never ask you to transfer money to us or request sensitive banking information such as account PINs and passwords. If in doubt, always check.”