We’re looking to support victims affected by the Financial Conduct Authority (FCA) impersonation scam.
There have been 4,465 impersonation scam reports so far this year, with 480 victims losing significant sums of money. It also appears scammers are targeting people aged 55 and over.
If you’ve been impacted, you can get in touch with Wealth Recovery Solicitors. We’re an SRA-regulated law firm specialising in scam recovery. We’ll take the time to listen to what’s happened and advise you on the next steps in the hope of reclaiming your lost funds.
How scammers impersonate the FCA
There isn’t just one FCA scam to be aware of. Fraudsters deceive their victims in many ways, including through crypto wallets, recovery scams, and phishing.
Crypto wallet fraud
A common method adopted by FCA impersonators involves crypto wallet fraud. Typically, the scammer reaches out to a victim and claims the FCA has recovered money lost from a crypto wallet, which was ‘opened illegally in the victim’s name’.
Then, they ask for a fee to withdraw the funds for the victim. This is a common tactic used by scammers; however, the FCA will never ask you to send funds. So, treat any unsolicited messages or contact regarding funds with suspicion.
Recovery scams
Another cruel tactic used for this scam involves preying on vulnerable people who’ve already lost money. If you’ve been targeted, you may receive a WhatsApp message from someone claiming to be from the FCA. They may state that you could be eligible to recover the money you’ve lost if the incident occurred in the last 120 days. However, this leads victims directly into another scam.
This screenshot shows a typical WhatsApp message sent by fraudsters pretending to be from the FCA.
Phishing scams
Phishing scams are the third most-reported method of FCA impersonation fraud. For this method, scammers often send emails to customers, claiming creditors have obtained a County Court judgment against them.
Believing they’re in trouble, victims are pressured into paying what they think is an FCA official account. In reality, the money goes straight into the scammer’s account.
Fraudsters are also impersonating the FCA’s social media accounts. You can view the genuine accounts of the FCA here. If you see another social media account claiming to represent them, it’s most likely a scam.
How the FCA is tackling the scam
Steve Smart, the FCA’s Executive Director of Enforcement and Market Oversight, has made a statement warning people about the scam:
“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.”
The FCA also urges individuals to report suspected scams to Action Fraud to help keep more people safe from fraud.
The warning signs of impersonation scams
The FCA scam isn’t the only impersonation scam to be aware of. In fact, the FCA has reported 10,379 instances of impersonation fraud in 2024, with 1,000 resulting in financial losses.
You can stay protected by being wary of these tell-tale signs:
- You’re pressurised to act quickly. For example, they may say your money is at risk, and you need to act now to save it.
- There are spelling mistakes or poor grammar in the messages they send (although this is becoming less common with the rise of AI).
- They contact you out of the blue. You may receive an unsolicited message from an unknown number or a phone call claiming to be from a trusted organisation, or even a family member or friend.
- If you’ve been the victim of a scam, they may claim to be from a trusted organisation (such as the FCA), claiming they can recover the money you’ve lost.
How can I recover funds lost to impersonation scams?
If you’ve lost money to an impersonation scam, it’s crucial that you avoid sending any money from anyone claiming to be from the FCA.
We also recommend getting in touch with Wealth Recovery Solicitors as soon as possible. We can help build you a case for your money to be refunded by your bank.
If possible, we also encourage keeping any contact information of the scammer, receipts, and names of anyone you’ve spoken to. This can help improve the chances of recovering the money you’ve lost.
Why Wealth Recovery Solicitors?
We’ve recovered more than £50,000,000 for victims of fraud, and we may be able to help you too.
We’re here to build a claim that maximises the chances of recovering lost funds. Our experienced solicitors manage the process from start to finish, ensuring you’re updated at every stage and answering all your queries along the way.
We also operate on a no-win, no-fee basis. It means you won’t pay a thing unless your claim is successful.
Get in touch to start your claim today.