Summary:

The UK's financial regulator, the Financial Conduct Authority (FCA), has warned households in the country about the increase in loan fee fraud during Christmas. Many UK adults are concerned about affording Christmas expenses, leading them to turn to loans. Scammers take advantage of this and promise loans that victims never receive, tricking them into paying upfront charges. Last year, cases of loan fee fraud rose by 21% compared to the previous year, resulting in an average loss of £255. The FCA urges people to be vigilant and protect themselves from these scams.

Hashtags:

#UK #fraud #Christmas #loans #FCA #scammers #financialregulator #loanfeefraud

https://www.infosecurity-magazine.com/news/fca-warns-christmas-loan-fee-fraud/