Online con artists posing as Financial Conduct Authority (FCA) in deceitful internet scams
The Financial Conduct Authority (FCA) and Action Fraud are alerting the public about a surge in investment scams, particularly those involving crypto-assets and forex, following a significant increase in reports over the past year.
In the first half of 2025, the FCA has received almost 5,000 reports of fake FCA scams. A concerning trend is that the majority of these reports came from individuals aged 56 and above. Last year, reports of crypto-asset and forex investment scams more than tripled, reaching over 1,800.
One of the most common methods used by scammers is to target loan scam victims, claiming they can help recover the money lost. Another common approach is to send emails to consumers, stating that their creditors have taken out a County Court Judgement against them and they need to pay the FCA the monies owed.
Scammers aim to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords. A separate trend, known as 'Pig butchering', involves scammers building a connection with victims, often romantically, before carrying out a long-term investment scam.
In a recent case, two individuals were sentenced to a combined 12 years of imprisonment for their roles in a £1.5m crypto fraud, following a prosecution brought by the FCA. However, it's important to note that there is no publicly available information indicating a person was convicted by the FCA in 2025 to a 12-year prison sentence for crypto fraud.
The FCA is also investigating more than 150 Coronavirus-related scams since the outbreak began. To avoid falling victim to these scams, the FCA advises individuals to be cautious of any communication claiming to be from the FCA. If unsure, they are advised to check with the FCA using the online contact form.
The FCA also wants to remind the public that they will never ask for money or sensitive banking information. If you receive a communication claiming that the FCA has recovered funds from a crypto wallet that was opened illegally in your name, it is likely a scam.
In such cases, it's crucial to report these scams to the FCA's consumer helpline. So far this year, there have been 4,465 reports of fake FCA scams to the regulator's consumer helpline.
Stay vigilant and protect yourself from these scams. If you suspect you've been a victim of a scam, report it to the FCA and Action Fraud immediately.
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