There are plenty of ways to lose money to fraudsters. Keeping your money safe, especially online, is challenging when fraudsters use increasingly sophisticated ways to deceive investors. The financial services regulator, the Financial Conduct Authority (FCA), has issued a new warning over the growing threat of loan fee scams which specifically target borrowers. According to the FCA, more than £3.5 million was lost to this form of fraud during the last year. Reports to the FCA’s consumer helpline about loan fee fraud increased by 44% in 2017, which demonstrates how much this type of scam is growing.
Staying safe from investment scams
This 495 word blog post is about a new Financial Conduct Authority (FCA) warning about loan fee fraud and how to avoid becoming a victim of investment scams.