The UK’s financial watchdog is harnessing state-of-the-art analytics to scan 100,000 websites a day in a crackdown on scams and fraud.
While the Financial Conduct Authority (FCA) cannot remove fraudulent sites, it has added almost 2,000 possible scams to its consumer warning list since May 2021. This represents a third more than during the same time the previous year.
The FCA said it is using data to tackle fraud faster, and has been requesting host websites to shut scams down. Last year 564 adverts were either removed or amended, which is double the number from previous years.
“Better use of data means we can be more proactive and find and stop harm faster”, said Jessica Rusu, chief data, information and intelligence officer, at the FCA.
“We are continuing to improve our data, technology and capabilities to act decisively in consumers interests, while making it easier for firms to report to us.”
Its strategy includes investing in use of data for the next 12 months, bringing in skilled experts in fields such as artificial intelligence, analysis and cloud engineering, and improving the quality of data it collects.