The FCA has issued a stark warning to the public after recording a sharp rise in fake FCA scams this year, with fraudsters impersonating the regulator to steal money and sensitive information from unsuspecting victims.
According to the FCA, its consumer helpline has received 4,465 reports of bogus calls and emails from scammers already this year. Of these, 480 victims were tricked into sending money directly to the fraudsters, claims Finextra.
The watchdog revealed that older consumers are being hit hardest, with almost two-thirds of the reports coming from people aged 56 and above.
One of the most common scams involves fraudsters claiming the FCA has recovered funds from a crypto wallet allegedly opened illegally in the victim’s name. The scammers then persuade the individual to hand over money or sensitive banking details to access the funds.
Another method preys on those who have previously fallen victim to loan scams. The fraudsters pose as FCA officials offering to help recover lost funds but demand further payments before taking any action.
A separate trend sees fraudsters emailing victims to claim their creditors have obtained a County Court Judgement against them and insisting the money owed must be paid to the FCA immediately.
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 FCA is urging consumers to remain vigilant and verify any communication claiming to be from the regulator before taking action, warning that it will never request payments or personal financial information in this way.
Keep up with all the latest RegTech news here
Copyright © 2025 RegTech Analyst
Copyright © 2018 RegTech Analyst
