By PAUL O’DONOGHUE, Senior Correspondent
THE UK’s Financial Conduct Authority (FCA) financial watchdog has warned consumers of a surge in fraudsters posing as the watchdog.
The regulator received nearly 5,000 reports of fake scams in the first half of 2025.
“There have been 4,465 reports of fake FCA scams to the regulator’s consumer helpline already this year,” the FCA said. “480 victims were duped into sending money to the fraudster.
“Almost two-thirds of reports came from people 56 years old or above.”
Fraudsters use several methods. Some tell victims the FCA has recovered funds from a crypto wallet allegedly opened in their name. Others target loan scam victims, claiming the FCA can help recover losses, then demand more money.
Another tactic is to email consumers with warnings of a County Court Judgement. The message tells them to pay the FCA directly.
FCA scam warning
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.”
He added: “If in doubt, always check.”
The FCA urged people to stay cautious if contacted unexpectedly by phone, text, email or messaging apps. It advised consumers never to share details such as PINs or passwords and to use the official FCA contact form, available [HERE], if unsure.
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