The UK's Financial Conduct Authority (FCA) disclosed today (Wednesday) that fraudsters impersonating the regulator have targeted thousands of consumers this year, with nearly 500 people falling victim to the schemes and handing over money.
FCA Reports Almost 4,500 Impersonation Scams in First Half of 2025
The FCA received 4,465 reports of fake scams using the regulator's name during the first six months of 2025, with 480 people actually transferring funds to the criminals. The figures represent a concerning trend as scammers exploit the regulator's trusted reputation to steal money and sensitive banking information.
“Fraudsters are ruthless,” said Steve Smart, joint executive director of enforcement and market oversight at the FCA. “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.”
People over 56 made up nearly two-thirds of all reports, suggesting older consumers are being specifically targeted by these impersonation schemes. The criminals typically contact victims through phone calls, text messages, emails or WhatsApp messages, claiming to represent the FCA.
Crypto Recovery Scams Lead the Pack
The most frequently reported scam involves fraudsters telling victims that the FCA has recovered cryptocurrency funds from wallets allegedly opened illegally in their names. These criminals then convince people to provide banking details or transfer money to claim their supposed recovered assets.
Another common approach targets people who have already fallen victim to loan scams. The fraudsters contact these vulnerable individuals, claiming the FCA can help them recover their lost money – but only if they pay additional fees upfront. A similar situation recently affected Polish investors, who ended up being defrauded twice.
A third scheme involves fake emails telling consumers that creditors have obtained county court judgments against them. The messages instruct recipients to pay the supposedly owed money directly to the FCA to resolve the legal issue.
“Pig Butchering” Adds Emotional Manipulation
The FCA also warned about “pig butchering” scams, where criminals build romantic or personal relationships with victims over extended periods before executing investment fraud. After the initial theft, these same scammers often return pretending to be FCA officials who can help recover the stolen funds – for a fee.
The warning comes as the scale of these impersonation scams continues growing. Throughout all of 2024, the FCA received 10,379 reports of fake scams using its name, with 991 people losing money to the fraudsters.
The FCA emphasized that it never requests money transfers or sensitive banking information like PINs and passwords from consumers. Anyone receiving unsolicited contact claiming to be from the regulator should be suspicious, regardless of the communication method used.
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Scams on the Rise
The regulator advises people who receive questionable communications to verify their authenticity by contacting the FCA directly through its official website rather than responding to the suspicious message. Consumers can report suspected scams to Action Fraud or Police Scotland, depending on their location.
The surge in FCA impersonation scams reflects broader trends in financial fraud, where criminals increasingly exploit trusted institutional names to bypass consumer skepticism and steal money or personal information.
In April, FinanceMagnates.com reported that fraudsters had exploited the same victims three times, posing first as collection agents and later as Europol officials.
Today, Australia’s equivalent of the FCA also warned about a growing wave of fake celebrity investment scam sites promoting deals that are too good to be true. ASIC has already shut down 330 such websites this year alone.
