Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

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

by
August 5, 2022
in Politics News
0
Fraud on the rise as cost of living soars, FCA warns
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter

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.


ShareTweetPin

Related Posts

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience
Politics News

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience

August 23, 2022
British Airways to cancel further flights up to the end of October
Politics News

British Airways to cancel further flights up to the end of October

August 23, 2022
Microsoft in trademark row with UK children’s reading firm Word Windows
Politics News

Microsoft in trademark row with UK children’s reading firm Word Windows

August 23, 2022
Crypto fraud revenues drop 65% following market meltdown
Politics News

Crypto fraud revenues drop 65% following market meltdown

August 23, 2022
Key UK mortgage rate passes 4% for the first time since 2013
Politics News

Key UK mortgage rate passes 4% for the first time since 2013

August 23, 2022
6m disabled people in UK to get £150 cost of living payment in September
Politics News

6m disabled people in UK to get £150 cost of living payment in September

August 23, 2022
Next Post
MPs set to scrutinise government crypto hub plans in fresh inquiry

MPs set to scrutinise government crypto hub plans in fresh inquiry

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

DPWH completes P92-M flood control project in Sampaloc, Manila

DPWH completes P92-M flood control project in Sampaloc, Manila

July 14, 2022
IPAs on notice from FIRB to file complete data on locators

IPAs on notice from FIRB to file complete data on locators

June 21, 2022
Timely notes on managing crises and bracing for new periods

Timely notes on managing crises and bracing for new periods

August 10, 2022
Micro-certification to provide alternative to formal schooling

Micro-certification to provide alternative to formal schooling

June 30, 2022
Lanao power co-op to settle P12.9-billion arrears with PSALM

Lanao power co-op to settle P12.9-billion arrears with PSALM

June 14, 2022
Kanye West sued over claim of illegal sample on Donda 2

Kanye West sued over claim of illegal sample on Donda 2

June 30, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.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.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.