Online deceivers posing as the Financial Conduct Authority in cyberspace scams
The Financial Conduct Authority (FCA) has issued a stern warning to the public about a surge in investment scams, particularly those involving crypto-assets and forex, in the first half of 2025. The regulator has received a staggering 4,465 reports of fake FCA scams via their consumer helpline, with an additional 5,000 reports of such scams made directly to the FCA.
One common tactic employed by scammers is impersonating the FCA, claiming they can help recover lost money from loan scams or even threatening consumers with a County Court Judgement and demanding payment to the FCA. These scams aim to steal money or sensitive information, such as bank account PINs and passwords.
A separate trend involves 'Pig butchering', a method where scammers build a connection with victims, often romantically, and then carry out a long-term investment scam. Most of these reported scams target individuals aged 56 years or older.
The FCA has been actively investigating these scams. Two individuals have been sentenced to a combined 12 years of imprisonment for a £1.5m crypto fraud following an FCA prosecution. The FCA is also continuing to investigate and take action against scammers exploiting the COVID-19 pandemic.
The regulator has emphasised that they will never ask for money transfers or sensitive banking information. If consumers are unsure about a contact claiming to be from the FCA, they are advised to check by using the FCA's online contact form.
The FCA is not only dealing with a rise in crypto-assets and forex scams. Reports of these types of investment scams more than tripled last year, reaching over 1,800. The FCA, along with Action Fraud, is urging the public to be wary of investment scams carried out via bogus online trading platforms, regardless of the type of asset involved.
In light of these developments, it is crucial for the public to remain vigilant and report any suspicious activities to the FCA's consumer helpline or Action Fraud. By working together, we can help combat these scams and protect ourselves and our loved ones from financial harm.
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