To help fight this financial crime, the FCA has launched ‘Firm Checker’, a tool to help consumers avoid scams. By using the tool and checking if a firm is authorised and has the correct permissions to provide services, people can significantly reduce their chances of falling victim to fraud.

Those who had experienced any Authorised Push Payment (APP) fraud or unauthorised consumer investments or pensions-related fraud, were most likely to have heard about it by seeing it promoted on social media – around 1 in 6 (17%) – or via a telephone call (17%).

Sixteen per cent were initially approached via text message, WhatsApp or another messaging service.

Scammers can make it difficult for consumers to know if they are dealing with the real firm. In addition to checking if a financial services firm is authorised by the FCA for the services being offered, people should also confirm that the contact details match those listed on the FCA Firm Checker.

Sheree Howard, executive director of authorisations at the FCA, said: “Ruthless fraudsters are constantly evolving their tactics so they can steal money from innocent victims. Whether you’re considering an investment, pension opportunity, loan or other financial service, use Firm Checker to confirm the firm is authorised and help fight financial crime.”

The research also found consumers are taking some precautions to protect against fraud but there is room for improvement. Around three in four (72%) adults said they always or usually reject or ignore unsolicited calls, emails or text messages about investment or pension opportunities.

Six in 10 (60%) consumers reported that they always or usually verify the authenticity of emails, messages or calls before providing personal or financial information.