FCA Scam Warnings Quadruple Since 2015, Study Finds

Law360, London (November 12, 2020, 5:02 PM GMT) -- The number of scam warnings issued by the Financial Conduct Authority has risen fourfold in five years, with many of those alerts traced to so-called clones of reputable companies, according to a study conducted by wealth management business Quilter PLC.

The finance regulator has issued 1,031 general scam warnings involving attempts to defraud consumers so far this year, compared with just 573 in the whole of 2019, the London-based company said. The FCA issued 257 warnings in 2015, the first year of the data that Quilter examined.

Approximately 400 of the warnings issued this year involved "cloning," in which criminals impersonate legitimate financial...

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