Thousands targeted by fraudsters impersonating financial regulator
Consumers are being targeted by fraudsters impersonating the Financial Conduct Authority, the regulator warned, after receiving thousands of fake scam reports.
The watchdog said it received 4,465 reports of scammers pretending to be the FCA in the first half of the year.
The fraudsters seek to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords.
Around 480 victims were duped into sending money to the fraudsters over the half-year, the FCA said.
It said the majority, almost two-thirds, of reports came from people aged 56 or above.
The FCA said that one of the most scam methods involves fraudsters claiming that the regulator has recovered funds from a crypto wallet that was opened illegally in the individual’s name.
Another common method is to target vulnerable loan scam victims and claim the FCA can help them recover the money they have lost.
It said they are then persuaded to hand over further funds to who they believe is the regulator.
Meanwhile, a separate trend has involved fraudsters emailing consumers telling them their creditors have taken out a County Court Judgment against them and they need to pay the FCA the monies owed.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, 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.”
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