Protect Yourself from Loan Fee Fraud this Summer

The FCA is launching its latest campaign to help consumers spot and avoid loan fee fraud this summer, when households are more vulnerable to financial pressures. With inflation, energy costs, and rising mortgage bills, this added spending comes at a time of heightened vulnerability for many. The research from the FCA found that over half of UK adults (55%) are more worried about personal finances this summer than last year. Parents of children under 18 in particular are feeling the pinch, with 21% turning to loans to cover additional costs. Loan fee fraud can be devastating, resulting in an average loss of £260, so the FCA is urging consumers to follow its three-step check to protect themselves from scammers.