Those who had experienced any Authorised Push Payment (APP) fraud or unauthorised consumer investments or pensions-related fraud, were most likely to have heard about it by seeing it promoted on social media - around one in six (17%) - or via a telephone call (17%). Sixteen per cent were initially approached via text message, WhatsApp or another messaging service.To help fight this financial crime, the FCA has launched ‘Firm Checker’, a tool to help consumers avoid scams by checking if a firm is authorised and has the correct permissions to provide services.Sheree Howard, executive director of authorisations at the FCA, says: “Ruthless fraudsters are constantly evolving their tactics so they can steal money from innocent victims. Whether you’re considering an investment, pension opportunity, loan or other financial service, use Firm Checker to confirm the firm is authorised and help fight financial crime.”The full details of the tool's functionality are not yet clear. The FCA merely states that Firm Checker has been "specially designed for, and tested with, consumers to make sure it is effective and easy to use".Lisa Mckinnon-Lower, partner at law firm Spencer West, expresses concern about the lack of detail: "My primary concern is that those most frequently victimised by these scams are not always equipped to navigate digital verification systems, particularly when they are being pressured in real time by sophisticated fraudsters. Even where consumers do check authorisation, cloned firms and misleading permissions could continue to create confusion and a false sense of security. "If designed well and used correctly, this tool could be extremely useful at tackling fraud, perhaps beyond the scope currently envisaged."
By on 2025-12-10 08:00:00
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