FCA Investigates 165 COVID-19-Related Scams

Data obtained underneath the Freedom of Information Act by the Parliament Street think tank's cyber research team has revealed that 165 suspected COVID-19 scams happen to be reported to the Financial Conduct Authority since the start of the pandemic.

Reported scams have been circulated by email, letters, telephone calls, texts and social media, and illustrate the extent that banks along with other financial services organisations happen to be targeted by frauds throughout the year.

One reported scam featured fraudsters pretending to operate on behalf of Her Majesty's Revenue and Customs and targeting company owners seeking COVID-19 relief grants to make sure their businesses' financial stability throughout the pandemic. Others involved efforts to obtain passport details of financial services professionals, and a scheme to steal the login information of HSBC customers with business accounts.

Worrall also noted that firms trying to enforce Anti-Money Laundering measures and customer verification checks will also be left open to threats, because the processes involved require the reviewing of your personal data and documentation, that are attractive to frauds.

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