New FCA scam checker tool launches after 800,000 people lose money to fraud

A new way to avoid money-draining scams

When money is tight, the last thing anyone needs is a scammer sniffing around their savings.

Yet almost 800,000 people across the UK are thought to have lost money to pension or investment fraud in just one year.

This comes from a huge survey that reflects the entire adult population.

Scammers know that ordinary families are trying to build a bit of security, save something for the future or make their money grow. That’s why they target people who are already under pressure.

To help stop this, the Financial Conduct Authority has launched Firm Checker, a simple tool that lets you see whether a company offering financial services is actually genuine.

You can check the name, the permissions they hold and whether their contact details are real.

It’s the fastest way to spot a dodgy outfit before they get anywhere near your money.

Read next: AI scams: the tricks fraudsters are using right now

How scammers reach people like us

Fraudsters don’t always go after people who are “careless”. They go after people who are busy, stressed or trying to sort money worries quickly.

The FCA’s research found that people who were scammed often first heard from the fraudster through social media or a phone call, both at 17%. Another 16% were contacted through text or messaging apps.

That means the first contact can feel normal.

A message that pops up while you’re cooking tea. A call when you’re walking to work. A post that looks like everyone else is commenting on it.

Some scammers pretend to be from real companies. Some even pretend to be the FCA. Others use famous faces, including Martin Lewis, without permission.

They try to look like the trustworthy option, so you don’t notice the cracks.

And even with people doing their best, the losses are huge. Over £600 million was stolen by fraudsters in the first half of 2025 alone.

Scammers don’t need everyone to fall for it. They just need a moment when someone’s guard is down.

Why Firm Checker matters right now

Firm Checker gives you a quick, simple way to confirm if a financial business is authorised.

You type in the name, check it appears on the tool and confirm the contact details match. If the phone number or web address is different, that’s a clear warning sign.

The FCA tested the tool with everyday people to make sure anyone can use it. It sits alongside the full Financial Services Register but is designed for speed and clarity.

In a world where scams are changing all the time, having something this straightforward is a real boost.

Most people already try to stay safe.

Around three in four adults say they ignore random calls or texts about investments or pensions.

Six in ten double-check messages before giving information. But scammers are getting bolder, and small checks can make a big difference.

Even a 30-second search on Firm Checker can save you thousands.

Read next: Think you’re being scammed? Stop, hang up and call 159

What to do if you think you’ve been scammed

If something feels wrong, or you’ve sent money and now can’t reach the company, don’t panic – you still have steps you can take.

Acting quickly gives you the best chance of recovering your money or preventing further loss. Here’s what to do.

1. Contact your bank straight away

Tell them you think you’ve paid a scammer. Banks deal with this every day and can try to stop the payment or recover it. The sooner you call, the better your chances.

2. Report it to Action Fraud

This creates an official record and helps the National Fraud Intelligence Bureau track criminals. You can do it online or by phone.

3. If it involved a pension or investment

Report it to the FCA. They may be able to investigate. If the firm was authorised, you could also complain to the Financial Ombudsman Service.

4. Don’t blame yourself

Scammers are professionals. They study psychology, technology and human behaviour. They target anyone who is busy, hopeful, or feels rushed. Shame only helps them, not you.

5. Secure your details

Change passwords, check for any strange activity and make sure your email and online banking are protected.

6. Use Firm Checker before you do anything else financially

Even if you’ve been caught out once, you’re stronger now. The tool makes future decisions much safer.

Why this matters for families trying to stay afloat

When every penny matters, losing money to a scam can knock you sideways.

It can push you into overdraft fees, delay bills or wipe out a savings pot you’ve worked hard to build. The emotional side is just as tough.

But tools like Firm Checker are creating a bit of balance.

Instead of scammers having the upper hand, you have something solid to fall back on. It’s free, it’s quick, and it’s designed for ordinary people who want to make sensible financial choices without risk.

If someone contacts you about an investment, pension transfer or loan, slow everything down. Search their name on the FCA tool. Match their details. If anything looks odd, walk away.

Your money is too hard-earned to hand to a criminal.