Scammers aim to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords.

There have been 4,465 reports of fake FCA scams to the regulator’s consumer helpline already this year. 480 victims were duped into sending money to the fraudster.

The majority, almost two-thirds, of reports came from people 56 years old or above.

One of the most common scam methods reported is fraudsters claiming that the FCA has recovered funds from a crypto wallet that was opened illegally in the individual’s name.

Another common method is to target loan scam victims, who are often very vulnerable, and claim the FCA can help them recover the money they have lost. They are then persuaded to hand over further funds.

A separate trend involves emailing consumers telling them their creditors have taken out a County Court Judgement against them and they need to pay the FCA the monies owed.

“Pig butchering” is a nasty trend where scammers “fatten up” victims by building a connection, often a romantic one, and then carrying out a long-term investment scam. After the victim has lost money, scammers attempt to defraud victims a second time by pretending to be the FCA under the guise of helping to “recover” the money.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA. We will never ask you to transfer money to us or for sensitive banking information such as account PINs and passwords. If in doubt, always check.”