FCA updates data strategy to tackle online scams

‘We can stop serious harm faster’

Julia Bahr
clock • 2 min read

The Financial Conduct Authority (FCA) has refreshed its strategy of using data to tackle online fraud faster by scanning about 100,000 websites created daily to identify those that appear to be scams.

The hosts of fraudulent websites identified by the FCA are now being proactively requested to shut them down, though they cannot be forced to do so, according to the watchdog. It added that this action forms part of an update on the FCA's data strategy underpinning its recent three-year plan to reduce and prevent serious harm, set higher standards and promote competition.  As part of the strategy, the regulator intends to invest in its use of data in 2022/23, recruiting a large number of skilled roles, across artificial intelligence (AI), analytics and data science as well as cloud en...

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