Thousands of consumers been targeted by fraudsters impersonating the Financial Conduct Authority (FCA).
The FCA has said it received 4,465 reports of scammers pretending to be the regulator in the first half of the year.
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It said the fraudsters try to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords, and that around 480 victims had been scammed into sending money.
One of the most common scam methods involves fraudsters claiming the regulator has recovered funds from a crypto wallet that was opened illegally in the individual’s name.
The FCA said another common method is the targeting of people vulnerable to loan scams, with criminals telling them they can help them recover money they have lost.
Victims are then persuaded to hand over further funds to who they believe is the regulator.
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The regulator said almost two-thirds of reports came from people aged 56 or over.
A separate scammer trend has involved fraudsters emailing consumers telling them their creditors have taken out a county court judgment against them and that they need to pay the FCA the funds owed.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Fraudsters are ruthless. 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.”
