The Financial Conduct Authority (FCA) have commented they are now using data strategies to clamp down on fraud faster and have been requesting hosts close down scams sites and advertisements . Last year 564 adverts were removed from websites, this is a large increase from previous years which was half that figure. This shows an increase on detection of scam adverts/websites and that they are being taken down promptly.
The FCA are the conduct regulator for around 51,000 financial services firms and financial markets in the UK. The most important role of the FCA is to prevent misconduct by financial companies.
Jessica Rusu – Chief Data, Information and Intelligence Officer at the FCA commented “Better use of data means we can be more proactive and find and stop harm faster”. “We are continuing to improve our data, technology and capabilities to act decisively in consumers interests, while making it easier for firms to report to us.”
Date: August 1, 2022