Fraudsters posing as City regulators are targeting Britons in a surge of scams, with nearly 5,000 cases reported in the first half of 2025, the Financial Conduct Authority (FCA) has warned.

Scammers aim to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords. The regulator confirmed that of the 4,465 reports so far, 480 people have fallen victim to fraudsters posing as FCA representatives. Nearly two-thirds of reports came from people aged 56 and over. Experts believe the true number of victims is likely to be significantly higher, as many incidents go unreported. 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.”

According to the watchdog, one of the most common scam methods reported involves fraudsters claiming that the FCA has recovered funds from a cryptocurrency wallet that was opened illegally in the individual’s name.

Another common method sees criminals emailing consumers to tell them their creditors have taken out a County Court Judgement against them and that they need to pay the FCA the monies owed.

A disturbing new “double dip” tactic is also emerging, where scammers return to previously defrauded victims, pretending to help them recover lost money before stealing even more.

Charlene Young, senior pensions and savings expert at AJ Bell, called the figures “grim reading.” She said: “Financial scammers are now impersonating the regulator itself. The reports represent only those cases where people both realised they were targeted and came forward. The real number of victims is likely to be much higher.”

While people of all ages can fall victim to scammers, Ms Young warned that those who are able to access their retirement pot – potentially the biggest asset they own – will inevitably be a “prime target”.

Ms Young added: “The best way to avoid becoming a scam victim is to know the tricks they use and not hand over your money in the first place.”

Report scams to Action Fraud on 0300 123 2040 or via its website. If you live in Scotland, report to Police Scotland by calling 101, or contact Advice Direct Scotland on 0808 164 6000.