Morning commuters at London Waterloo station were met with an unusual sight as a pop-up “ATM” appeared to offer passers-by the chance to “give away a fortune”.
But when curious travellers stepped closer, the machine’s screen slid open to reveal Emil the Seal – the Financial Conduct Authority’s (FCA) mascot – with a warning about the risks of investment scams.
The stunt was designed to play on the same sense of urgency and excitement that fraudsters often exploit. Commuters were tempted to interact with the cash machine by the promise of a “fortune”, only to be confronted with a “fortunate” reminder to “check it’s real before you seal the deal”.
The FCA said the aim was to cut through the rush-hour distraction and prompt people to pause before acting on offers that feel urgent or too good to be true.
The campaign coincides with the launch of the FCA’s Firm Checker, a tool intended to help consumers quickly confirm whether a financial firm is genuine and authorised before handing over money. The regulator said the checker can be used to verify contact details and ensure they match those listed for an FCA-authorised firm, reducing the risk of being duped by criminals posing as legitimate businesses.
The warning comes amid figures showing the scale of the problem. In the 12 months to May 2024, the FCA’s latest data found around 700,000 adults experienced an investments-related fraud or scam, underlining how many people continue to lose money despite wider awareness of fraud.
The regulator pointed to other behaviours that suggest consumers are taking steps to protect themselves, with 72% of UK adults saying they always or usually reject unsolicited contact about pension or investment opportunities.
It also said 68% regularly check bank and credit card statements for unfamiliar transactions, while 62% ignore unexpected website links, including those sent by family and friends. However, the FCA believes too many people still miss what it calls a final, crucial step: checking whether the firm behind an offer is real.
Sheree Howard, executive director of authorisations at the FCA, said: “Checking isn’t hesitation – it’s the new power move. Scammers thrive on urgency and excitement, which is why we’ve used Emil the Seal to break that spell and remind people to always stop and check whether a financial firm is genuine and authorised before sealing the deal. Our new Firm Checker tool gives consumers a fast and simple way to see if a firm is FCA-authorised and help avoid scams.”
The FCA is urging consumers to make firm-checking a routine habit before committing any money, particularly when an offer feels exciting, time-limited or impossible to miss.
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