Consumers are being warned of fraudsters impersonating the
Financial Conduct Authority (FCA), as the regulator revealed it
has received almost 5,000 fake FCA scam reports in the first half
of 2025.
Scammers aim to steal money by getting people to hand over funds
or sensitive information, such as bank account PINs and
passwords.
There have been 4,465 reports of fake FCA scams to the
regulator's consumer helpline already this year. 480 victims were
duped into sending money to the fraudster.
The majority, almost two-thirds, of reports came from people 56
years old or above.
One of the most common scam methods reported is fraudsters
claiming that the FCA has recovered funds from a crypto wallet
that was opened illegally in the individual's name.
Another common method is to target loan scam victims, who are
often very vulnerable, and claim the FCA can help them recover
the money they have lost. They are then persuaded to hand over
further funds.
A separate trend involves emailing consumers telling them their
creditors have taken out a County Court Judgement against them
and they need to pay the FCA the monies owed.
‘Pig butchering' is a nasty trend where scammers ‘fatten up'
victims by building a connection, often a romantic one, and then
carrying out a long-term investment scam. After the victim has
lost money, scammers attempt to defraud victims a second time by
pretending to be the FCA under the guise of helping to ‘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.'
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.
Notes to editors
- More information about fake FCA scams and how to avoid them:
Fake FCA communications.
- Report scams to Action Fraud on 0300 123 2040 or via its
website. If you live in Scotland, you should report to Police
Scotland by calling 101, or contact Advice Direct Scotland on
0808 164 6000.
- Across the whole of 2024 there were 10,379 reports of fake
FCA scams and 991 people handed over money.
