The Financial Conduct Authority received almost 5,000 fake FCA scam reports in the first half of this year, with the vast majority targeting older people.
Scammers aim to steal money by getting people to hand over funds or sensitive information such as PIN numbers.
One of the most popular scam methods used by fraudsters is claiming that the FCA has recovered funds from a crypto wallet that was opened illegally in the individual’s name.
The regulator said it has already received 4,465 reports of fake FCA scams to its consumer helpline so far this year, with 480 people duped into sending money to fraudsters.
The majority, almost two-thirds, of reports came from people 56 years old or above.
Charlene Young, senior pensions and savings expert at AJ Bell, said: “This new warning from the FCA makes for grim reading with financial scammers now impersonating the regulator itself.
“While people of all ages can fall victim to scammers, those who are able to access their retirement pot – potentially the biggest asset they own – will inevitably be a prime target.”
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA.
“We will never ask you to transfer money to us or for sensitive banking information such as account PINs and passwords. If in doubt, always check.”
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