The UK Financial Regulator warns of rise in fake FCA scams

Scammers impersonating the UK FCA  are tricking people into handing over funds or sensitive information, such as bank account PINs and passwords.

The Financial Conduct Authority (FCA) has received 4,465 reports of fake FCA scams to its consumer helpline this year alone. 480 victims have been tricked into sending money to the fraudsters.

According to the regulator, the majority of reports have come from individuals aged 56 and above.

One of the most common scam methods reported involves fraudsters claiming that the FCA has recovered funds from an illegally opened crypto wallet in the victim’s name.

A separate trend involves sending emails to consumers informing them that their creditors have taken out a County Court Judgement against them and that they need to pay the FCA the owed money.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, emphasises the FCA’s commitment to protecting victims. “Fraudsters are ruthless and attempt to steal money from innocent victims by impersonating the FCA,” Smart states. “We will never ask you to transfer money to us or for sensitive banking information such as account PINs and passwords. If you are in doubt, always verify the request.”