Help us reduce financial scams with our new scam reporting tool
In recent months the UK has seen a rise in fraudsters pretending to be from financial services companies, making financial scams a key area of focus for the financial services regulator – the Financial Conduct Authority (FCA) – and the Government.
As a leading provider of advice, investments and wealth management, Quilter is committed to protecting our customers’ security as the highest priority and work regularly with the authorities to tackle financial crime of this nature. As part of this work, we’re pleased to have launched a new tool to help people report scams where they believe that fraudsters are pretending to be from Quilter.
How do the scams work?
Like many firms in the financial services sector, Quilter’s brand has been used by criminals in an attempt to ‘sell’ fake investment products online. This typically involves criminals paying to put advertisements on internet search engines that pretend to be from Quilter, using our logo and company colours to look convincing, to try to encourage people to click on them and put their security and money at risk.
Investment scams like this that use an impersonation of a regulated financial services firm have risen in recent years, increasing by over 600% since 2010. Impersonation scams now account for 37% of all warnings issued by the financial services regulator – the Financial Conduct Authority (FCA) – since 2010*.
How does our new tool help?
We’re pleased to have launched a new online tool for letting us know about suspected impersonation scams that use any of Quilter’s brands. The tool will allow anyone who believes they may have fallen victim to, or have been exposed to, an impersonation scam that features a clone of Quilter’s branding or marketing materials to report their concerns directly to our financial crime team.
When we receive information provided through the tool our experienced financial risk experts will assess the legitimacy of the investment being ‘offered’ and provide a response directly to the person reporting it, offering support and guidance on next steps, like how to avoid any potential follow-up scams.
We’re committed to reducing financial crime across our industry
As well as doing everything we can as a business to protect our customers and potential customers, we continue to urge the Government to establish a legally binding framework that prevents fake websites and adverts promoting investment products from appearing online.
After calls from Quilter and other companies to include scams within their forthcoming ‘Online Harms’ legislation, the Government and FCA have committed to work together to tackle financial scams advertised and promoted on search engines.
How you can protect yourself
To access the scam reporting tool, and for tips to help you stay safe from scams, take 5 minutes to visit our ‘Stay safe’ page. This page also lists the Quilter group’s company web addresses so you can make sure you are visiting an official website if you click on a link. If you are a customer with us, you will also find the relevant web address printed on any letters we send you.
*Quilter’s own analysis of the FCA’s warning list, December 2020