Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Fraud on the rise as cost of living soars, FCA warns

by August 5, 2022
August 5, 2022
Fraud on the rise as cost of living soars, FCA warns

The UK’s top financial watchdog sounded the alarm over rising fraud rates today as scammers look to swoop on vulnerable consumers amidst a cost of living crunch.

In a statement this morning, two Financial Conduct Authority chiefs said fraud rates were climbing across the board, with loan fee fraud – where scammers ask people to pay up front for loans that never materialise – rising particularly sharply.

Soaring costs and increasingly hard-up consumers had presented an opportunity for opportunistic scammers, the FCA warned.

“The rising cost of living is making 2022 a hard year financially. And there are scammers out there looking to make it even harder,” said Mark Steward, executive director of Enforcement and Market Oversight and Sheldon Mills, executive director of Consumers and Competition at the FCA.

“Scammers are cruel. They target society’s most financially vulnerable – those who tend to be on lower incomes, might have lower credit ratings or have limited access to mainstream credit.”

The watchdog has now relaunched its campaign to stamp out loan fee fraud in particular and urged borrowers to check whether any lenders are on the FCA register.

“If you are asked to pay an upfront fee, if you’re asked to pay quickly or to pay in an unusual way, such as vouchers or money transfer, then it could be a scam,” Steward and Mills said.

The warnings come just one day after think tank the Social Market Foundation said that the UK was the “card fraud capital of Europe” with higher and more costly levels of scams than any other European country.

The UK suffers on average 134 frauds per 1000 people with scammers making off with £8833 per 1000 people, it found via analysis of European central bank data.

Read more:
Fraud on the rise as cost of living soars, FCA warns

0
FacebookTwitterGoogle +Pinterest
previous post
MPs set to scrutinise government crypto hub plans in fresh inquiry
next post
WeWork’s offices are back in business

You may also like

US dockworkers end strike after securing six-year, 62%...

October 5, 2024

IMF Predicts Three Interest Rate Cuts for UK...

May 22, 2024

Virgin Atlantic tempts British Airways Executive Club Members...

February 11, 2024

Reeves calls for ‘reset’ with EU to spur...

December 9, 2024

Elon Musk suggests social media platform X could...

September 19, 2023

Bullish Meta boosted by sales outlook

February 2, 2023

Decline in pension fund demand for UK bonds...

July 15, 2025

How to stop procrastinating and start leading

April 12, 2024

Top Features to Look for in Modern Shift...

July 17, 2025

Businesses representing over 1M employees urge Chancellor to...

September 5, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Technology in Hospitality: Innovations Shaping Guest Experiences

      July 26, 2025
    • British Factories Are Getting Smarter—But It’s Not Where You Think

      July 26, 2025
    • Navigating Risk and Reinvention: A Conversation with Krishen Iyer

      July 26, 2025
    • Budget-Friendly Compliance Tips for Growing Operations

      July 26, 2025
    • Europeans meet with Iranian officials face-to-face for first time since Israel, US bombings as sanctions loom

      July 26, 2025
    • Trump’s executive order on birthright citizenship blocked by another federal appeals judge in latest ruling

      July 26, 2025

    Categories

    • Business (8,580)
    • Investing (2,151)
    • Politics (16,203)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved