FCA statement as people over 56 are having bank accounts drained

The Financial Conduct Authority (FCA) has issued a new warning to consumers, revealing that thousands have been targeted by fraudsters impersonating the regulator. The watchdog reported receiving 4,465 reports of such scams in the first half of the year.

These cunning fraudsters aim to swindle money from unsuspecting people by persuading them to hand over funds or sensitive information, such as bank account PINs and passwords. The FCA revealed that approximately 480 victims were tricked into sending money to these con artists during the six-month period.

The majority of these reports, almost two-thirds, came from individuals aged 56 or above. One of the most common scam methods involves fraudsters claiming that the FCA has recovered funds from a crypto wallet that was illegally opened in the victim's name.

Another prevalent method targets vulnerable loan scam victims, with fraudsters falsely claiming that the FCA can assist them in recovering their lost money. These victims are then persuaded to hand over additional funds to those they believe to be the regulator.

In a separate trend, fraudsters have been emailing consumers, falsely informing them that their creditors have taken out a County Court Judgment against them and that they need to pay the money owed to the FCA.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, warned: "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."