Fraudsters Pose as FCA to Scam Thousands of Consumers

Thousands of people have been targeted by criminals posing as the Financial Conduct Authority (FCA), with the regulator warning of a surge in scams designed to steal money and sensitive information.

According to the FCA, it received 4,465 reports of fraudsters impersonating the watchdog in the first six months of the year. Of these cases, around 480 individuals were tricked into sending money directly to the scammers. The regulator said fraudsters typically aim to extract cash or confidential details, including bank account PINs and passwords.

One of the most widespread tactics involves criminals claiming the FCA has recovered funds from a cryptocurrency wallet that was illegally created in the victim’s name. Another common approach preys on people vulnerable to loan scams, with fraudsters assuring them that the regulator can help recover money they have previously lost. Victims are then persuaded to transfer additional funds to the impersonators, believing they are dealing with the FCA.

The regulator noted that nearly two-thirds of all scam reports were made by individuals aged 56 or older, highlighting the disproportionate targeting of older consumers.

Another recent trend has seen fraudsters send emails falsely claiming that creditors have obtained a county court judgment against the recipient. Victims are told they must pay the FCA the alleged debt, further exploiting their fear of legal action.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, condemned the scams and urged vigilance. “Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA,” he said. “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.”

By fLEXI tEAM