The UK's financial regulatory body has sounded the alarm over an escalating number of scammers adopting the guise of the watchdog.
The Financial Conduct Authority (FCA) disclosed that these impostors aim to coerce individuals into divulging money or sensitive information, such as bank account PINs and passwords.
Instances of this form of scam have surged to over 7,700 reported cases thus far in the year, as informed by the public to the FCA's contact center.
The FCA noted that such scam reports have more than doubled since the year 2021.
Fraudsters commonly employ a tactic of asserting owed compensation to solicit bank details or a processing fee under the pretext of arranging "payment".
The FCA emphasized that it does not initiate communication in this manner and advised anyone approached for personal details to terminate the call or disregard the email.
Steve Smart, an executive director of enforcement at the FCA, recommended that individuals who suspect contact from a scammer should consult the FCA website. Photo by Wikimedia commons.