December 1, 2020

FCA Scam Smart

To help individual consumers identify fraud, the FCA has created ScamSmart, an online tool to help consumers identify if their investment isa scam or not.

ScamSmart aims to help consumers understand whether the company they’re planning to invest with is regulated by the FCA and whether there’s a potential it’s a cloned/spoofed company. Individuals are advised to protect themselves from investment and cryptocurrency scams by:

Making the right checks– firms providing regulated financial services must be authorised by the FCA. You can check whether they are authorised on the FCA’s register

Avoid clones (fake companies that look genuine)- use the contact details on the FCA Register, not the contact details you’ve found on an online advert, or that the firm gives you when they make contact.

Don’t assume it’s real – professional-looking websites, adverts  or social media posts don’t always mean that an investment opportunity is  genuine. Criminals can use the names of well-known brands or individuals to  make their scams appear legitimate.

Stay in control– avoid uninvited investment offers whether made on social media or over the phone. If you’re thinking about making an investment, thoroughly research the company first and consider getting independent advice.

Never download software or apps that allow someone remote access to any of your devices, including your computer, laptop, tablet, or phone.

Don’t allow anyone to set up a cryptocurrency wallet, upload ID documents or manage investments on your behalf remotely.

To find out more about how to protect yourself or your customers against investment scams, visit the FCA website: