FCA Raises Alarm on Screen-Sharing Scam as Victims Lost £25 Million

The United Kingdom’s financial market supervisor has raised a fresh warning against the rampant screen-sharing scams that victimized 2,142 people since July 2020.

The Financial Conduct Authority (FCA) revealed that the victims of this type of scam lost more than £25 million between January 2021 and March 2022. The scammers are targeting people in the age range of 18 to 70 years old.

What Is a Screen Sharing Scam?

The FCA explained that the scammers steal information or access the financial accounts after gaining control of the victim’s computer with screen-sharing software. They usually contact the potential victims “out of the blue” via social media or even calls.

These scammers are persistent and at first, try to gain the trust of the potential victim with persuasion. After, they ask the potential victims to download any legitimate screen-sharing software on their computers and take control.

The FCA said that these scammers approach the victims for help in a range of services like investment or banking.

“One of the main warning signs of a potential scam is if a firm or individual contacts you out of the blue. If you are asked to share your screen or provide remote access to your phone or computer, this is a warning sign it’s a scam,” the regulator said.

Additionally, the regulator pointed out that this type of scam can only take place if a person downloads the software and allow scammers to take control of the computer screen. Screen sharing allows scammers to access personal information including financial accounts.

The latest warning came as a part of FCA’s ScamSmart campaign that aims to raise awareness against such scamming tactics.

Moreover, the British watchdog conducted a survey to find out that 47 percent of participants would easily download a screen-sharing software and provide access to their computer screen upon request. The survey included 2,000 investors between the age of 18 and more than 55.

“Investment scams can happen over many months, but sharing your screen without making the proper checks can change everything in an instant,” said Mark Steward, FCA’s Executive Director of Enforcement and Market Oversight.

“It’s incredibly difficult to get money back once lost in this way, but there are ways to protect yourself: don’t share your screen with anyone, as legitimate firms will not ask you to do this and check out our Scamsmart website for advice on how to avoid being scammed.”