UK Regulators Turn to Jingle to Fight Loan Scams
This Christmas, the U.K.’s Financial Conduct Authority (FCA) is taking the fight against fraud to a whole new musical level.
Earlier this month, the financial watchdog announced in a statement that it had launched the country’s first official anti-fraud jingle, “designed to be a lighthearted, engaging way to spread awareness of loan fee fraud advice to consumers this Christmas.”
The song, produced in partnership with behavioral scientists Influence At Work and music production company Soviet Science, is published on the FCA website and can be streamed on Spotify, Apple Music and YouTube.
According to Mark Steward, executive director of enforcement and market oversight at the FCA, last year’s Christmas lockdown robbed people in the country of the pleasure of getting together with family and friends, which is why they “deserve to celebrate this year’s festive period in style.”
But, he said, “it’s a sad fact that scammers will be seeking every opportunity to exploit vulnerable people through loan fee fraud,” at a time when families already have to deal with increased holiday spending.
It’s why the FCA has turned to science and music this Christmas, hoping to engage consumers on the subject of loan fee fraud in a more accessible and memorable way, Steward explained, while encouraging increased vigilance during the festive celebrations and helping consumers better identify the warning signs of loan fee fraud.
These signs include a consumer being…