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£2,300 a Minute. That’s what UK Scammers are Costing you.

  • Reading time: 2 min

The UK Financial Conduct Authority (FCA) have issued an alarming report for the first eight months of 2023. They’ve received 7700 complaints of scammers trying to swindle the British public. And it’s costing the country £2,300 a minute.

How do they do it? By pretending to be the FCA, actually. They call you.

And it’s like a dream come true. They’ve discovered that you’re owed money and being the watchdogs they are, they want to ensure you get it back. These guys are really smooth. You hear a bit of background noise so it feels like a call centre. The caller is friendly, efficient and well, sounds like the kind of person you’d want as a friend. And when they ask you for your bank details, it’s so matter-of-fact that you’re only too happy to furnish said info as if confiding in, err, your new friend. Then they get to work on the dark side of online scamming, and lighten your bank balance.

Well, eight months and £1.2bn later, the FCA have woken up to what UK scammers are costing you and would like these scammers to cease and desist.

At the moment, this problem is exacerbated by the poor state of the UK economy and the fact that households are really feeling the pinch at the moment. The problem is exacerbated, but the act of scamming is made easier because folk are looking for any release of financial pressure.

Scammers can smell vulnerability, it seems.

As you read this, the FCA is mounting an offensive to make insurance cold calling illegal, because this is both the welcome mat and the door opener to scamming.

Stay Alert

They’ve issued a what to do list, and it’s mostly just common sense. Bottom line? Before you count the cost of what UK scammers are costing you, use your sense of logic, not your emotions. Evaluate these calls intelligently and then contact the FCA as soon as possible.

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