UK FCA publishes findings from romance fraud multi-firm review

The FCA has published the key findings from its multi-firm review of how firms detect and prevent romance fraud, and the measures they take to protect their customers against it. The FCA highlights the ‘critical importance’ of both effective transaction monitoring systems and skilled, well-trained staff. This latter area can be particularly key in helping to break the fraudster’s hold over their victim through the ability to spot red flags and critically probe customer explanations. The FCA…
By: Hogan Lovells