Financial watchdog releases Christmas anti-fraud jingle to help consumers scupper loan fee scammers
The music video was produced by the Financial Conduct Authority (FCA) in partnership with behavioural scientists, Influence at Work, and music production company, Soviet Science. It focuses specifically on loan-fee fraud in which consumers are tricked into paying an upfront fee for a loan or credit they never receive.
In the past year alone, the FCA registered 1,456 instances of reported loan fee fraud, with victims reporting an average loss of £274.
The regulator hopes the song will help consumers become more aware of the issue and more easily spot such scams. The FCA says the campaign is being launched at a time when loan-fee fraud rates are at their highest.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “During what is already a period of increased spending for families, it’s a sad fact that scammers will be seeking every opportunity to exploit vulnerable people through loan fee fraud.”
For more information on how to spot scams, see our 25+ ways to prevent scams guide.
The anti-fraud jingle in full
Watch’s the FCA’s anti-fraud jingle below: