FCA warns that screen sharing scams are on the rise with £25 million already lost

The UK Financial Conduct Authority has issued a warning that screen sharing scams are increasing with 86% rise during the past year.

The regulator estimates that £25 million were lost between 1 January 2021 and 31 March 2022 with half of investors failing to catch the signs of the screen sharing scam.

In one such case a woman lost £48,000 to scammers who persuaded her to download a remote desktop software to secure an investment. The fraudsters used the software to access her banking details, her pension, and applied for loans on her behalf.

In other cases, investors clicked on bitcoin ad and received a call from individuals claiming to be financial advisers.

The “Share my screen” scam

According to the FCA, the scammers are targeting people between the age of 18 and 70. The regulator explained that the scammers gain control of the victim’s computer with screen-sharing software in order to steal information or access the financial accounts. The potential victims are usually contacted “out of the blue” via social media or even calls.

The scammers appear persistent at first, they try to gain the trust of the potential victim. Then they ask the investor to download screen-sharing software on their computers and take control.

The FCA highlighted that if you are asked to share your screen or provide remote access to your phone devise or computer, this is a red flag that this is a scam.

The regulator noted that this type of scam only works if a person downloads the software and allow scammers to take control of the computer screen,

The latest warning is part of the FCA’s ScamSmart campaign that aims to raise awareness against such scamming stratgies.


Read Also: