Data Strategy Helping Detect Scams Faster, FCA Says

By Dawood Fakhir (June 23, 2022, 3:05 PM BST) — The finance regulator said on Thursday that it is scanning approximately 100,000 websites that are being created every day to identify scams as it boosts the use of data to allow it to tackle online fraud faster.

The Financial Conduct Authority also said it has spotted twice the number of high-risk financial adverts in 2021 than it did in previous years by using advanced data. The move helped it amend or remove 564 promotions that could potentially harm consumers, it said.

The data strategy is part of a three-year plan disclosed by the watchdog this year as it aims to reduce…

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