Warning: FCA scams are on the rise

Numbers that speak volumes 

This year alone, the Financial Conduct Authority (FCA) has received almost 5,000 reports of scams impersonating their organisation – a worrying statistic we thought worthy of highlighting. Unfortunately, 480 individuals have already been tricked into sending money to fraudsters. 

What’s especially important to note is that almost two-thirds of these reports have come from people aged 56 and above, who are often targeted for their experience and financial stability. (Source: FCA.org.uk) 

Scams to watch out for 

One popular scam involves a fraudster claiming the FCA has recovered funds from a crypto wallet that was supposedly opened in your name without your knowledge.  

Another common approach targets people who’ve already fallen victim to a loan scam. The fraudster claims the FCA can help recover the money you’ve lost, only to persuade you to hand over more funds. 

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.” 

Tips to outsmart the scammers   

• Stay alert for unexpected texts, emails, calls or messages – The FCA will never contact you through WhatsApp or other messaging apps, nor use automated systems. 

• Beware of number spoofing – Scammers can make it look like you’re receiving a genuine FCA call. Never share personal details on incoming calls, and don’t call back using a number given by the caller. 

• Verify communications – Check if the FCA has contacted you by using their online contact form here or calling 0800 111 6768 (freephone). 

• Check email addresses – Real FCA emails come from addresses ending in @fca.org.uk. Be wary of emails from Hotmail, Outlook or Gmail accounts. 

• Look for spelling or grammar mistakes – These can be signs of a scam. 

• Verify websites – The official FCA website always starts with https://www.fca.org.uk, and the Financial Services Register starts with https://register.fca.org.uk/s/. Scammers may clone these sites to appear legitimate. 

• Know FCA practices – FCA employees won’t send you photo ID or claim to be listed as individuals on the Financial Services Register. That register lists authorised firms and individuals, not employees themselves. 

• Only trust known organisations – Before responding, confirm messages are from genuine bodies like the Financial Ombudsman Service, FSCS, MoneyHelper, or HMRC.