With the pandemic increasing people’s reliance on video conferencing, ME Group’s Chief Operating Officer has welcomed the FCA’s new warning on screen sharing scams amid increased cyber security threats across the country.

New research from the FCA has found that 47% of investors would fail to identify a screen sharing scam as it reveals an increase of 86% in cases over a year with 2,014 cases and over £25 million in losses.

In one case, a 59-year-old who was persuaded to download remote desktop software to secure an investment, lost over £48,000 while scammers accessed her banking details, her pension, and applied for loans on her behalf.

The regulator is now calling on all investors to check the advice on the ScamSmart website before making any investment decisions.

ME Group’s Chief Operating Officer, Jo Sharp, is encouraging people to be cautious.

“The statistics are concerning with the detriment to individuals being large financial losses,” she said.

“With the rise of scamming and the sophistication of the perpetrators’ tactics, I welcome the FCA’s ScamSmart initiative to help raise awareness of such investment scams.

“Creating awareness of the threat and impact of these scams is such an integral part in the prevention of keeping both individuals and businesses safe.”

ME Group are a firm seeking to champion access to justice through litigation funding and LegalTech.

In a statement on the FCA website, Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:

“Investment scams can happen over many months, but sharing your screen without making the proper checks can change everything in an instant.

“Once scammers gain access to your screen, they have complete control. That means access to your sensitive banking and investment information, the freedom to browse at their leisure, and the ability to take whatever details they want.

“It can affect any investor, no matter how experienced. It’s incredibly difficult to get money back once lost in this way, but there are ways to protect yourself: don’t share your screen with anyone, as legitimate firms will not ask you to do this and check out our ScamSmart website for advice on how to avoid being scammed.”