The Financial Conduct Authority (FCA) warned of a surge in sophisticated scams where fraudsters impersonate the regulator. The watchdog received 4,465 reports of individuals posing as FCA representatives in the first half of the year. Approximately 480 people transferred funds to these fraudsters during the same six-month period. Fraudsters coerce victims into handing over money or sensitive personal data, including bank account PINs and passwords. Nearly two-thirds of reports came from people aged 56 or older, highlighting heightened vulnerability among older demographics. Two prevalent tactics include claims of recovered cryptocurrency funds and promises to recover money lost to loan scams.
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The Financial Conduct Authority (FCA) has issued a stark warning to consumers, revealing a surge in sophisticated scams where fraudsters impersonate the financial regulator. The watchdog disclosed it received 4,465 reports of individuals posing as FCA representatives in the first half of the year alone. These criminals aim to defraud victims by coercing them into handing over money or sensitive personal data, including bank account PINs and passwords.
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