‘Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA,’ says executive director
Financial services regulator the FCA has issued a warning about a surge in scam activity following the receipt of almost 5,000 reports of fraudsters impersonating the regulator over the first six months of 2025.
Figures published by the FCA on 27 August 2025 showed that 4,465 reports of fake FCA scams were made to its consumer helpline between January and June this year. Of these reports, 480 people were tricked into transferring money directly to criminals.
Almost two-thirds of the reports came from people aged 56 and above.
The FCA shared that scammers have been attempting to steal funds by posing as the regulator and asking victims to hand over money or provide sensitive details, such as personal identification numbers (PINs) and passwords.
Common tactics employed by fraudsters include claiming that the FCA had recovered funds from an illegally opened crypto wallet in the victim’s name, or offering to help loan scam victims recover lost money in exchange for additional payments.
Fraudsters have also been sending emails alleging that creditors had secured county court judgments against consumers, instructing them to subsequently pay the fake FCA any monies owed.
Pig butchering scams
A more sophisticated trend reported by the FCA involves pig butchering scams, where criminals build long-term trust with victims, often through romantic approaches, before tricking them into investment fraud.
Once victims part with their money, fraudsters impersonate the FCA, claiming to help these targeted individuals recover their funds – while actually seeking to defraud them a second time.
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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.”
Across the whole of 2024, the FCA received 10,379 reports of fake scams, with 991 people falling victim to such scams and handing over money. The regulator urged consumers to remain cautious and report suspected fraud to Action Fraud or Police Scotland.
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