Individuals warned scammers are impersonating finance watchdog

05 Sep 2023

The Financial Conduct Authority (FCA) has warned that scammers are impersonating it to get individuals to disclose sensitive information or part with money.

So far, members of the public reported over 7,700 cases of impersonation scams to the FCA. Instances of impersonation scams have more than doubled since 2021.

According to the FCA, scammers tell people they are owed compensation and request bank details or a processing fee to facilitate the 'payment'. The FCA stressed that it never asks individuals for personal information in this way.

Lenders have urged the FCA to crack down on the number of criminals impersonating it to scam individuals. Emma Lovell, Chief Executive of the Lending Standards Board, said: 'Scammers are constantly on the lookout for innovative ways to steal money – and it is worrying to see more fraudsters impersonating trusted sources like the FCA to deceive victims.

'The consistent factor across all scams is the serious, emotional implications they have on their victims. It is therefore vital that scam prevention is at the top of the agenda for the financial services sector, so we can protect customers from the distress and turmoil scams cause – while halting the funding of these criminal enterprises.'

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