FCA ramps up scam-fighting efforts
The Financial Conduct Authority (FCA) is taking steps to combat online fraud more quickly, by scanning approximately 100,000 websites per day to weed out potential scammers.
Between May 2021 and April 2022, the City regulator identified 1,966 potential scams – more than a third more than it was able to identify during the previous year.
As part of the FCA’s new data strategy, fraud identification will become more of a priority so that the regulator can work to “identify and prevent harm sooner”.
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“Better use of data means we can be more proactive and find and stop harm faster,” said Jessica Rusu, the FCA’s chief data, information and intelligence officer.
“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.”
The FCA plans to invest heavily in data this year, and said it is recruiting “a significant number of skilled roles” to help it meet its goals. The additional recruits will be responsible for a range of data and digital initiatives, including improving the quality of the data the FCA collects.
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The regulator also revealed that it is using advanced analytics and new sources of data to identify potentially harmful financial adverts.
And following Russia’s invasion of Ukraine, the FCA has developed and implemented a sanctions-screening tool to ensure that financial firms can effectively identify people and companies that have been flagged for sanctions.
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