Scams: FCA blocks more than 10,000 ads from Instagram, Facebook and YouTube

Feb 3, 2023 ·

The Financial Conduct Authority (FCA) has blocked more than 10,000 fraudulent ads from Instagram, Facebook and YouTube. The regulator took the action as part of its campaign to crack down on scams targeting unsuspecting consumers.

The FCA said that between October and December 2020, it identified 10,300 Facebook, Instagram and YouTube ads with links to potentially harmful websites, which are known as ‘clone’ sites. These fake sites trick people into entering their personal data or paying upfront fees for services they don’t receive.

The FCA also warned individuals to be aware of copycat or clone sites, which appear to offer legitimate services but, in reality, are designed to steal customer data and money. There are currently over 20,000 clone sites active in the UK.

The regulator said that it is working closely with social media giants such as Facebook and Google to clamp down on the problem. It also urged customers to be vigilant when making online purchases and to always check the legitimacy of a website before entering any payment details or personal information.

The FCA also advised people to do their research when investing their money, so as not to fall victim to scammers. With investments, customers should only deal with firms that are authorised by the FCA and always check the Financial Services Register to ensure the firm is regulated.

The regulator added that it is continuing its work with social media platforms and search engines to take further steps against clone websites, including removing them from searches. The FCA has also urged people to report any suspicious activity to Action Fraud and other law enforcement agencies.

Overall, the FCA has blocked more than 10,000 fraudulent ads from Instagram, Facebook and YouTube due to the growing prevalence of clone sites. The regulator is encouraging customers to remain vigilant when making online purchases and to always check the legitimacy of a website before entering any payment details or personal information. It is also continuing to work with social media giants and search engines to take further steps towards tackling clone sites.