Published by Michele Maatouk on 17th October 2025
(Sharecast News) - The City regulator has called on banks and payment firms to bring in stricter controls protecting customers from romance fraud after a study showed a number of missed "red flags" that led to people losing huge sums of money. The review by the Financial Conduct Authority (FCA) highlighted one case where someone lost £428,000, another where a customer made 403 payments totalling £72,000 to a fraudster and a case where someone wanted money to transfer cryptocurrency to their "partner" in Iraq. - Guardian