Urgent warning: scammers are pretending to be the FCA – don’t get caught out

The Financial Conduct Authority (FCA) has issued an urgent warning after receiving a surge of reports about scammers impersonating the financial watchdog.

In the first half of 2025, over 4,400 people reported being contacted by fraudsters claiming to be from the FCA.

What’s the scam?

You might get a call, email, WhatsApp message or text from someone claiming to work for the FCA.

Here's how they try to trick you:

• They say you owe money to creditors or that a County Court Judgment (CCJ) has been made against you.
• They claim the FCA has recovered cryptocurrency in your name and need your details to release it.
• They offer to help recover money you lost in a previous loan scam.
• They try to pressure you into handing over money, bank PINs or passwords.

These scams are clever and convincing, and they're working. At least 480 people have lost money during the same six-month period.

Older people more at risk

Nearly two-thirds of victims were aged 56 or over, showing that older people are especially targeted.

Steve Smart, joint executive director of the enforcement and market oversight at the FCA, warns:

“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.”

How to protect yourself

The FCA provides advice on how to protect yourself from these types of scams:

1. If someone contacts you unprompted, whether by phone, text, email or WhatsApp, be alert.
2. Never hand over sensitive personal information, like bank account PINs and passwords.
3. If you're unsure, get in touch with the FCA using the online contact form.

What to do if you're targeted by a scam or have already been scammed

Don’t keep it to yourself as reporting a scam can protect others.

• Report it to Citizens Advice, who will pass it to Trading Standards.
• Also report it to Action Fraud.
• If the scam involved an online advert, report it to the Advertising Standards Authority.

Get more tips on avoiding falling victim to scams in our guide on how to outsmart online scammers.