FCA warns of surge in bank impersonation scams
The regulator and UK Finance warned of an increase in highly convincing scams in which fraudsters pose as a customer's bank using spoofed numbers and stolen personal data.
By Money Guide editorial team
Published:
The FCA and UK Finance have warned of a continued rise in 'authorised push payment' fraud carried out by criminals impersonating banks, HMRC, the police and major retailers.
Calls and messages frequently include details that look genuine: the customer's name, partial account number, or recent transactions obtained from data breaches. Spoofing technology means caller ID can show a bank's real number. Victims are pressured to move money to a 'safe account' — which is in fact controlled by the fraudster.
Mandatory APP reimbursement rules introduced in late 2024 mean banks must, in most cases, refund victims of authorised push payment fraud up to £85,000, with limited exceptions for gross negligence. Disputes can be escalated free to the Financial Ombudsman Service.
If you receive a suspicious call, hang up and call your bank back using the number on your card or in the banking app. Forward suspicious texts to 7726 (free) and emails to report@phishing.gov.uk.