The Financial Conduct Authority (FCA) has warned consumers that fraudsters are impersonating the regulator, with the organisation receiving nearly 5,000 fake scam reports in the first half of 2025.

One of the most common scam methods reported is fraudsters claiming that the FCA has recovered funds from a crypto wallet that was opened illegally in the individual’s name.

Criminals are also targeting loan scam victims by claiming that the regulator can help them recover the money they have lost, they are then persuaded to hand over further funds.

Additionally, scammers are telling consumers their creditors have taken out a County Court Judgement against them and they need to pay the FCA the money owed.

According to figures from the UK financial watchdog, there have been 4,465 reports of fake FCA scams to the regulator’s consumer helpline already this year.

480 victims were tricked into sending money to a fraudster.

The FCA said that the majority, almost two-thirds, of reports came from people 56 years old or above.

"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. If in doubt, always check."

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