Clone action jumps again

The number of clone alerts issued by the FCA jumped 34 per cent this year. So far, there have been 1,031 scam warnings involving individual attempts to defraud consumers.

Nearly 45% of reported scams involved financial services firms. With the use of modern technology and highly sophisticated methods of enticement, can we protect ourselves from this prevalent crime?

Stay diligent

Fraudsters are taking advantage of the financial uncertainty caused by the pandemic. And as the Black Friday and Christmas are approaching, the danger of getting scammed is even greater.

As there isn’t any legally enforceable system to remove fake websites and fake adverts the burden to protect oneself against scammers lies with consumers. It can be challenging to know if you are dealing with a well-known financial services firm. And as the fraudsters use more subtle methods, the things to watch out for are copycat websites and paid adverts on search engines.

Calls for new laws

The UK’s prosperity will increasingly depend on the digital economy. With the expanding scale and complexity of online fraud, there are growing calls for new legislation to regulate online advertising and protect consumers better. Can the financial scams be included within the forthcoming Online Harms legislation? We shall find out soon.

For now, we strongly recommend staying vigilant and checking the FCA register and warning list before speaking with any advisers.

If you need help with understanding your options in those uncertain times, please contact us for a free chat on 📞 0800 118 2948.

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