New online fraud checker tool launched after 800,000 people fall victim to scammers
New online tool could save thousands from financial scams
- The Financial Conduct Authority (FCA) has launched a new online Firm Checker Tool to help the public verify the legitimacy of financial firms.
- This initiative follows reports of 800,000 people falling victim to investment or pension scams between May 2023 and May 2024.
- The FCA noted a significant increase in financial scams, particularly on social media, often involving impersonations or unregulated offerings.
- The tool allows consumers to confirm if a firm is authorised and regulated by the FCA, which is a legal requirement for all UK financial service providers.
- Experts from the FCA, Financial Ombudsman Service, and Pension Scams Action Group urge consumers to use the tool to reduce the risk of financial harm from fraudsters.