FCA issues scam warning amid coronavirus crisis

£970,000 lost already due to fraud

The Financial Conduct Authority (FCA) has warned the coronavirus has initiated new types of scam activity, including reports of fraudulent activity around the sale of face masks and hand sanitiser.

The financial watchdog urged consumers to be vigilant for scams that could appear in the coming months, as scam activity often appears after the initial shock of a major event.  According to Action Fraud, £970,000 has already been lost as a result of coronavirus-related fraudulent activity. The FCA listed a number of scam tactics for consumers to keep an eye out for, including being asked to hand over an upfront fee, usually between £25 and £450, when applying for a loan or credit card.  It added 'good causes' scams were a red flag to consider, namely when investment is sought for ...