Beware of New Financial Scams in the UK – Fake “FCA”

In recent months, more and more UK households have been targeted by fraudsters impersonating the Financial Conduct Authority (FCA) – the regulator responsible for overseeing financial institutions in the country.

According to FCA data, in just the first half of this year there were 4,465 scam reports, with around 480 people actually handing over money to criminals. This means hundreds of thousands of pounds lost, and many more people at risk of financial harm and distress.

How do the scammers operate?

The most common methods include:

• pretending to be from the FCA and claiming they have recovered funds from an illegal crypto wallet supposedly opened in the victim’s name,

• targeting people who were already victims of loan scams, promising to “recover their lost money,”

• sending fake emails claiming that creditors have obtained a County Court Judgment (CCJ) and demanding immediate payment via the FCA.

Scammers then pressure people to hand over sensitive details (PINs, passwords, banking logins) or to transfer money directly.

Who is most at risk?

Nearly two-thirds of all reports came from people aged 56 and over. Experts warn that retirees and those with access to their pension pots are particularly vulnerable, as pensions are often the largest financial asset they hold.

How to protect yourself

🔴 Never transfer money over the phone or email – the FCA will never ask you to send funds.

🔴 Never share passwords or PINs – no authority or bank will ever request this.

🔴 Verify the contact – if someone claims to be from the FCA, check directly via the official website: https://www.fca.org.uk

🔴 Talk to family and friends – especially if you are older, don’t hesitate to ask for advice or a second opinion.

Charlene Young, pensions and savings expert at AJ Bell, warns: “The best way to avoid becoming a scam victim is to know the tricks they use – and not hand over your money in the first place.”

Remember

Anyone can become a target. If you receive a suspicious call, text, or email –

STOP ✋ THINK 🤔 CHECK

✔️. Don’t let urgency or fear push you into making quick decisions.

✍️ Intra Conspectum CIC Supporting communities with awareness, wellbeing, and safety.

📩 Learn more about our projects at: www.intraconspectum.org