Reported screen-sharing scams up 86% in 2021 | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

Advertisement

Michael Brown

Content Writer
Published: 08/05/2022

UK consumers have lost more than £25 million to scammers in 15 months since 1 January 2021.

The number of screen-sharing investing scams rose 86% from July to December 2021 compared to the same period in 2020, according to the Financial Conduct Authority (FCA).

In addition, the UK’s regulatory body also found that £25 million was lost to online scams in the 15 months from January 2021 to 31 March 2022.

“Investment scams can happen over many months, but sharing your screen without making the proper checks can change everything in an instant. Once scammers gain access to your screen, they have complete control,” said Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA.

Part of this rise can be attributed to the increased use of video conferencing for work and social functions during the pandemic. As a result, scammers are taking advantage of “growing familiarity with requests for screen sharing”, the FCA said.

A further survey from the organisation found that a quarter of respondents aged between 18 and 34 would agree to screenshare their online banking or investment portal with someone they had not met.

“It’s incredibly difficult to get money back once lost in this way, but there are ways to protect yourself: don’t share your screen with anyone, as legitimate firms will not ask you to do this and check out our Scamsmart website for advice on how to avoid being scammed,” Steward advised.

How to avoid being scammed

It is important to remember that the FCA does not cover any financial loss an investor might incur from a scam. Therefore, in addition to using the Scamsmart website, the FCA recommends that investors search their Warning List before parting with their cash.

The Warning List contains a number of known firms which are actively running scams and are under investigation.

Alternatively, if this does not help, consumers can phone the FCA helpline to find out if a firm is authorised. They can be contacted on 0800 111 6768 free of charge.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy