The FCA said the scammers aimed to steal money by getting people to hand over funds or sensitive information. Some 480 victims have been tricked into sending money to fraudsters so far this year.
The FCA said a common scam was for fraudsters to claim that the FCA has recovered funds from a crypto wallet that was opened illegally in the person’s name, while another was targeting loan scam victims to recover the money they have lost. They are then persuaded to hand over more money.
The regulator said there was another trend where consumers were sent emails telling them their creditors had taken out a county court judgment (CCJ) against them, and they needed to pay the FCA the monies owed.
Another scam, known as ‘pig butchering’, involves scammers ‘fatten up’ victims by building a connection, often a romantic one, then carrying out a long-term investment scam. After the victim has lost money, scammers attempt to defraud them again by pretending to be the FCA and helping the person recover the money.
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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Tips to avoid fake FCA scams:
- If someone contacts you unprompted, whether by phone, text, email or WhatsApp, be alert.
- Never hand over sensitive personal information, like bank account PINs and passwords.
- If you’re unsure, get in touch with the FCA using the online contact form.
