The Financial Conduct Authority (FCA) has urged consumers to stay vigilant after reporting a significant rise in fake FCA scams across the UK.
According to Finextra, so far this year, the watchdog has received 4,465 reports of fraudsters impersonating the FCA through bogus emails and phone calls. Among these, 480 victims were tricked into sending money directly to criminals posing as the regulator.
Almost two-thirds of the reports came from people aged 56 and above, suggesting older consumers are being disproportionately targeted by these scams.
One of the most common tactics involves fraudsters claiming the FCA has recovered funds from a crypto wallet allegedly opened illegally in the victim’s name. The scammers then ask the victim to pay a fee to access the funds.
Another tactic preys on people who have previously fallen victim to loan scams, with criminals promising the FCA can help recover lost money in exchange for additional payments.
A third approach sees fraudsters emailing consumers to say their creditors have obtained a County Court Judgement against them, insisting the victim must pay the FCA directly.
FCA joint executive director of enforcement and market oversight Steve Smart said, “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 for sensitive banking information such as account PINs and passwords. If in doubt, always check.”
The regulator has repeatedly reminded the public that it does not request payments, passwords, or bank details under any circumstances.
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