New Zealand's Fraud Victims Tricked by the Fake UK's FCA Financial Emails

<p>A new scam
has emerged targeting New Zealanders who have previously fallen victim to
financial fraud. Scammers are impersonating the UK's Financial Conduct
Authority (FCA) and contacting residents, claiming they can help recover lost
funds.</p><p>Scammers Impersonate UK
Authority to Target Kiwis</p><p>The <a href="https://www.financemagnates.com/tag/new-zealand/" target="_blank" rel="follow">New
Zealand's</a> Financial Market Authority (<a href="https://www.financemagnates.com/tag/fma/" target="_blank" rel="follow">FMA</a>) recently became aware of a new
incident where scammers used an email address ending in
"@fcafinances.com" to reach out to a local residents. This email
domain does not match any legitimate FCA addresses, which end in
"fca.org.uk," "fcanewsletters.org.uk," or
"fcamails.org.uk."</p><p>"We
are concerned that this is a recovery scam using the name of the FCA,"
said the FMA spokesperson. "We recommend caution when dealing with any
individuals claiming to be from authorities offering to help recover
money."</p><p>The Reserve Bank of New Zealand (RBNZ) believes scammers are specifically targeting those who have already fallen
victim to financial fraud, as they may be particularly vulnerable and
desperate to recover their lost savings. This predatory technique gives
scammers credibility by impersonating a real authority.</p><p>It is
unclear how scammers obtained information on previous fraud victims. The RBNZ has recommended that anyone receiving an unsolicited recovery offer to verify the
source, check the email addresses carefully, and consult an independent financial
advisor before sending any <a href="https://www.financemagnates.com/terms/p/payments/">payments</a>.</p><p>New Zealand's financial oversight body <a href="https://www.financemagnates.com/forex/alert-nz-fma-adds-five-fraudulent-firms-to-caution-list/" target="_blank" rel="follow">has recently expanded its warning list by including five additional firms</a>. These firms provide services in retail trading, asset management, and term deposits. Notably, a few of these entities have been identified as duplicates of existing, functioning institutions.</p><p>Fake Regulators and
Imposters on the Rise</p><p>Since
mid-2022, <a href="https://www.financemagnates.com/forex/financial-scams-on-the-decline-in-new-zealand-fma-finds/" target="_blank" rel="follow">New Zealand has seen a notable decline in potential financial scams</a>
and the activities of unlicensed businesses. However, there's been a rise in
the number of websites masquerading as registered firms, offering trading and
financial services to retail customers.</p><p>The FMA has
introduced a new category in its report titled "imposter websites,"
highlighting a significant surge in the number of companies and fraudulent
individuals posing as licensed firms. In 2023, the FMA issued 29 warnings in
this category, contributing to a total of 89 alerts for the year, down from 111
in 2022.</p><p>Other
regulatory bodies' statistics additionally indicate an increasing trend in imposters
and fake regulators actively engaging in recovery scams. Finance Magnates
reported in November 2023 <a href="https://www.financemagnates.com/forex/hundreds-of-polish-fx-and-crypto-traders-lose-millions-in-fool-me-twice-fraud-scheme/" target="_blank" rel="follow">that hundreds of FX/CFD traders in Poland</a> were
defrauded of over €2 million in such schemes.</p><p>Participate in Our Fraud Survey: Your Opinion Matters!</p><p>We invite you to participate in our joint survey conducted
by FXStreet and Finance Magnates Group, which explores prevalent online
financial fraud types, platforms used for fraudulent activities, effectiveness
of countermeasures, and challenges faced by companies in tackling such fraud. Your
valuable insights will help inform future strategies and resource allocation in
combating financial fraud.</p><p>Social Media Scams: Help Shape the Fight with Your <a href="https://www.financemagnates.com/forex/social-media-scams-help-shape-the-fight-with-your-2024-survey-participation/">2024 Survey Participation</a></p>

This article was written by Damian Chmiel at www.financemagnates.com.