FCA draws attention to screen sharing scam with new campaign

The UK’s financial watchdog has announced the launch of its ‘ScamSmart’ campaign, designed to raise awareness about “increasingly sophisticated” investment scam tactics.

The Financial Conduct Authority (FCA) revealed that a 59-year-old woman lost £48,000 to scammers using screen sharing software to take over her computer and access her banking history.

The regulator said this was one of 2,142 similar cases that it has seen since July 2020.

According to the organisation, more than £25 million has been lost to scammers using this tactic between 1 January 2021 and 31 March this year and across the space of a year there has been an 86 per cent increase in cases.

Research from the authority shows that while 51 per cent of investors would check its warning list before making an investment, a further 47 per cent would not see a request to use software or an app to access their device as a red flag.

“Investment scams can happen over many months, but sharing your screen without making the proper checks can change everything in an instant,” said Mark Steward, executive director of enforcement and market oversight, FCA. “Once scammers gain to your screen , they have complete control.

“That means access to your sensitive banking and investment information, the freedom to browse at their leisure, and the ability to take whatever details they want. It can affect any investor, no matter how experienced. It’s incredibly difficult to get money back once lost in this way, but there are ways to protect yourself: don’t share your screen with anyone, as legitimate firms will not ask you to do this and check out our Scamsmart website for advice on how to avoid being scammed.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.