FCA launches Firm Checker tool with stunt to combat investment scams
The Financial Conduct Authority (FCA) launched its new Firm Checker tool today with a playful stunt at London Waterloo station. The campaign aims to warn commuters about investment scams, which cost around 700,000 adults money in the past year.
Emil the Seal warns commuters at Waterloo
The Financial Conduct Authority launched a new campaign today with a playful stunt at London Waterloo station, featuring its mascot Emil the Seal.
A mysterious 'ATM' promising a 'fortune' instead revealed Emil, who delivered a message urging commuters to 'check it's real before you seal the deal'.
This initiative promotes the FCA's new Firm Checker tool, designed to help individuals verify if a financial firm is genuine and authorised before investing.
The campaign addresses a serious issue: in the 12 months to May 2024, approximately 700,000 adults in the UK experienced an investment-related fraud or scam, according to the latest FCA data.
The pop-up ATM aimed to challenge the instinct to rush into offers that seem too good to be true, a common tactic used by scammers to pressure victims into quick decisions.
Checking is the new power move
Sheree Howard, executive director of authorisations at the FCA, emphasized the importance of verification.
'Checking isn't hesitation - it's the new power move,' Howard stated, noting scammers exploit urgency.
The Firm Checker tool provides a fast way to confirm if a firm is FCA-authorised, helping prevent fraud.
Despite general fraud awareness, many UK adults still skip verifying the firm itself before investing.
The FCA urges consumers to make firm-checking a habit, like locking a door.
The tool allows users to cross-reference contact details to ensure authenticity, reinforcing the message: if a deal seems too good to be true, stop and check.
Beyond the stunt, vigilance remains key
The FCA's creative stunt effectively highlights the issue, yet high scam numbers show the challenge of behavioral change.
The Firm Checker is a valuable tool, but its impact depends on consistent public adoption against sophisticated fraud.
Vigilance and accessible verification are paramount in fighting financial crime.