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Britain’s financial regulator goes real-time to catch online scams
- Tuesday | 15th June, 2021
Mark Steward, the Financial Conduct Authority‘s (FCA) director for enforcement, said the warnings have become a cornerstone of the watchdog’s fight against a surge in financial scams after pandemic lockdowns sent more people online. Online financial scams are not as widespread as more traditional banking fraud, which is often done by tricking customers into giving away passwords or making transfers, but they are growing quickly. Last year, victims of investment scams who referred to a social media platform lost 63 million pounds ($89 million), according to the UK’s Action Fraud, almost a 10th of the 784 million lost to financial fraud. Britain has proposed an “online harms” law but it does not require social media companies to check on the validity of firms advertising financial products. Steward said the ball was now in the court of social media firms to come up with ways to tackle scams.
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