FCA identifies steps firms could take to stem growing trend of romance fraud

Firms could become more effective in tackling romance fraud if they followed the current best practice, according to the findings of an FCA review.

By Neasa MacErlean

All firms are now being asked to read and act upon the study. Some 15 per cent of cases involve a customer who has previously been victimised - highlighting, says the report "the need for tailored protections and ongoing monitoring". This kind of "meaningful, tailored care" can play a "vital role in reducing harm". The report's authors also see third-party information-sharing solutions (such as the Cifas APP Victim Check) as playing a significant role in future.