(Bloomberg) -- More Britons are reporting possible scams to the Financial Conduct Authority, in the latest sign of growing fraud in the finance industry.
The U.K. markets regulator got 16,400 inquiries between April and September 2021, up about a third from the same period a year earlier, according to a statement Thursday. The most common scams reported were boiler rooms, which pressure people into buying fake or overpriced investments; scams involving cryptocurrencies; FCA impersonation; and recovery rooms, which promise victims of earlier scams their money back, for a fee.
The FCA said it opened more than 300 cases relating to potential unregistered cryptoasset businesses in the period, published 735 consumer alerts about unauthorized firms or individuals and stopped 32 new firms from entering the consumer investments market, a quarter of applicants.
The watchdog said it has 50 live investigations, including criminal probes, into unauthorized businesses.
Fraud losses are on the rise with 754 million pounds ($1 billion) stolen in the first six months of 2021, up 30% from the same period last year, according to a report published in September by lobby group UK Finance. Lawmakers are debating whether to force technology giants to refund victims of fraud advertised on their websites.
©2022 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
