Warning: Almost 5,000 Fake FCA Scams Reported This Year – Here’s How to Protect Yourself

Fraudsters are becoming increasingly relentless. In the first half of 2025 alone, the Financial Conduct Authority (FCA)received a staggering 4,465 reports of criminals pretending to be their staff. Even more concerning, nearly 500 people were tricked into handing over money, with some losing significant savings.

This is a serious issue that impacts everyone, but especially homeowners and landlords, who are often targeted because criminals assume they have substantial assets. That’s why we, as your mortgage broker, want to make sure you have the latest, most reliable information to keep yourself safe.

A Closer Look at the Scams

The scammers are using highly sophisticated methods, contacting potential victims via phone, email, text, and even WhatsApp. Their goal is always the same: to steal your money or sensitive financial details like bank PINs and passwords.

The FCA has flagged a rise in several key scam tactics:

• Crypto Wallet Scams: You might be told a fraudulent crypto wallet was opened in your name, and while funds have been recovered, you must pay a fee to access them.
• Loan Scam Follow-ups: Criminals target previous scam victims, claiming the FCA can recover their lost money but demanding further payments to do so.
• Fake County Court Judgements: You receive an urgent, fake legal letter or email claiming a creditor has a County Court Judgement against you and you must pay the FCA directly to clear the debt.
• ‘Pig Butchering’ Scams: This involves criminals building a personal or romantic relationship with a victim to lure them into a long-term investment scam. Once money is lost, the fraudster then poses as the FCA to ‘help’ recover funds, only to defraud the victim a second time.

Alarmingly, almost two-thirds of victims were aged 56 or over, making older homeowners and retirees a primary target for these ruthless criminals.

The Broker’s View: Why We’re Sharing This

As a financial services firm regulated by the FCA, your trust and protection are our top priorities. We work with a comprehensive panel of lenders to help find the right mortgage for your needs, but our commitment doesn’t end there.

We’re sharing this vital warning for a few key reasons:

1. Protecting Your Assets:Homeowners and landlords often have significant equity and savings. Scammers know this and frequently use messages relating to mortgages, arrears, or property investments to make their fraud seem convincing. We want to ensure your hard-earned assets are safe.
2. Maintaining Trust:The FCA is there to protect consumers and regulate firms like ours. When criminals impersonate the FCA, it erodes trust in the entire financial system. We believe in transparency and want you to know how to spot a genuine communication from a fake one.
3. Client Safety:If you are a landlord, you naturally receive genuine correspondence from tenants, letting agents, and solicitors, making it easier for criminals to disguise a fake message as a legitimate property-related query. We want to arm you with the knowledge to spot the difference.

How to Protect Yourself: The FCA’s Advice

The message from the FCA is clear: be vigilant. Steve Smart, joint executive director of enforcement and market oversight at the FCA, has issued a firm warning: “We will never ask you to transfer money to us or to provide sensitive banking information such as account PINs and passwords. If you are in doubt, always check.”

Here is the essential advice you must follow:

• Be Cautious: Always be suspicious of unexpected contact, whether it’s a phone call, text, email, or message app.
• Never Share Details: Do not, under any circumstances, share sensitive personal information like your bank PINs or passwords.
• Verify Directly: If you have any doubt about a call or message being genuine, do not use any phone number or email provided in the suspected communication. Instead, contact the FCA directly through the official website’s online contact form.

What to Do If You Suspect a Scam:

• Report any suspected scams to Action Fraud by calling 0300 123 2040 or visiting their website.
• In Scotland, report to Police Scotland on 101 or call Advice Direct Scotland on 0808 164 6000.

Staying alert and double-checking any unexpected communication is your best defence. By knowing the signs of fraud, you can protect yourself, your family, and your financial future from these criminal attacks.

Need Mortgage Advice You Can Trust?

If you are looking for mortgage advice, we can help. We work with a comprehensive panel of lenders and do not charge a broker fee for our service.

Call us today or book an appointment to chat about your needs.