The Financial Conduct Authority (FCA) is using state-of-the-art analytics to scan 100,000 websites a day in a crackdown on scams and fraud. Although the watchdog cannot remove fraudulent sites, it has added almost 2,000 possible scams to its consumer warning list since May 2021- up a third more than during the same time the previous year.
As part of the strategy the FCA identifies fraudulent websites, it is proactive in requesting the website host shut them down, though it does not have the powers to force them to. Between May 2021 and April 2022, the FCA added 1,966 possible scams to its consumer warning list – over a third more than during the same period the previous year.
This action forms part of an update on the FCA’s data strategy showing the progress it has made in improving its use of data and its plans to identify and prevent harm sooner.
The data strategy underpins the FCA’s recent three-year strategy to reduce and prevent serious harm, set higher standards and promote competition.
Jessica Rusu, Chief Data, Information and Intelligence Officer, said “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.”