The regulator has reiterated the danger of online investment fraud as the pandemic creates a boon for online criminals.
The Financial Conduct Authority’s head of enforcement Mark Steward told MPs there is a significant surge in the level of internet scams since Covid-19 started.
He emphasized how much damage it is causing to consumers.
Steward said: “The area where it’s most noticeable for the FCA has been the increase online scams and frauds. The particular focus for us is online advertising of regulated activities by firms that are not authorised by us. In many instances we believe that some of those ads are scams and frauds.”
He added regulator has already issued over 600 warnings about scam firms this year, more than double the number for the same period in 2020.
“We are spending more time online during the lockdown but of course that is noticeable to scammers and fraudsters who are using that…