FCA urges Big Tech to crack down on fraud amid rise in unauthorised firms

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City AM

By Lars Mucklejohn The Financial Conduct Authority (FCA) has launched a fresh call for social media firms to do more to prevent mass fraud on their platforms, City A.M. can reveal. The City watchdog said in a report on Thursday that it issued 2,286 warnings last year alerting consumers about firms and individuals operating without its authorisation, up 21 per cent from 1,882 in 2022. Latest data from banking trade body UK Finance showed that more than three quarters (77 per cent) of payments fraud in the first half of last year originated online. In its report, the FCA urged Big Tech to delive…

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