The Financial Services Compensation Scheme (FSCS) has warned consumers about a scam email promising high payouts from the lifeboat fund.
The body said scammers were promising a payment of $5.7m (£4.5m) in order to entice people to provide personal information.
The scam includes a fake form asking people for information as well as a fake identity card claiming to be from an FSCS staff member.
The FSCS warned consumers to not respond to the emails or provide any information. "They are not authentic. And the FSCS does not approach people in this manner," it said in a statement on its site.
It added that recipients should delete the emails immediately and block the sending user via their email security settings.
Chief executive Mark Neale said: "Sadly such scams are one of the plagues of modern life. They prey on people and try to lure them into handing over their personal information on the promise of riches. Don't let scammers get away with this. The FSCS will never approach you in this way. Stay safe. Do not respond to these emails or provide any personal information."
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Alleged fraud occurred between 2011 and 2017
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