Stay safe from scammers

3 Jun 2020 12:49 PM

FSCS will never ask for money.

If you think you can make a claim with FSCS, then you’re at risk from scammers. But it’s easy to stay scam smart, spot fraudsters and keep safe online when claiming with FSCS.

Firstly, FSCS will never ask for money. Not before we start, not during the claims process, and not afterwards. We’re a completely free service funded by a levy on the financial industry. That means it costs nothing to make a claim, whether you’re successful or not.

Secondly, there are some tell-tale signs that someone’s attempting to scam you. These include

• A cold call
• A mention of 'guaranteed returns'
• An email address filled with random numbers or is misspelt
• The company contacting you is not regulated by the Financial Conduct Authority (check the FCA's register).

Thankfully, fraud in the UK is relatively rare. But in the past, we’ve seen a fake website that asked people to register a claim with FSCS, scam emails that promised high-value payments, emails asking for payment for using our services, and more recently an ‘Anna Nowak’ claiming to be from the FSCS. Also, look out for more general phishing scams – where the fraudster is after your contact and bank details.

To keep yourself safe from financial scams, be they pension scams, bank scams or forex scams, check the details of the investment. Ask yourself, is the provider genuine, and is the investment regulated? You can check if the provider is regulated on the FCA’s register. And if the provider can’t confirm that the investment is protected, then assume the worst. Check with the FCA’s warning list for further peace of mind.

If you suspect fraud or think you’ve been a victim of fraud, contact Action Fraud on 0300 123 2040. If the fraud involves FSCS, contact us. We take your privacy seriously and will never pass on your details to third parties.