New research from the FCA found that 47% of investors would fail to identify a screen sharing scam.
Over the past year, cases of this type of scam have soared by 86% to 2,014, amounting to over £25 million in losses. In one case, a 59 year old who was persuaded to download remote desktop software to secure an investment lost over £48,000 after scammers accessed her banking details, pension and applied for loans on her behalf.
Using platforms such as Teams, TeamViewer and Zoom, screen sharing scams not only involve consumers sharing their financial data but scammers have also been able to embed themselves in victims’ digital devices to access online banking and investment details.
According to FCA research, 91% of people said they would never share their PIN with a stranger but 85% would not consider a request by a website to use or download software as a warning sign that someone was seeking to gain illegal access to personal information.
Although older respondents said they would need more help with technology, the FCA’s findings showed younger investors were not immune, with 26% of those aged 18-34 admitting they would agree to screensharing their online banking or investment portal with someone they had not met.
More than a fifth (23%) of those surveyed said they would be encouraged if the person they were speaking to appeared knowledgeable about investing and 17% said the possibility of securing better returns than elsewhere would tempt them to share their screen.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: ‘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. That means access to your sensitive banking and investment information, the freedom to browse at their leisure, and the ability to take whatever details they want. It can affect any investor, no matter how experienced.
“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.”
