Morning commuters at London Waterloo got more than their usual caffeine hit today when a mysterious ‘ATM’ promising to ‘give away a fortune’ stopped them in their tracks – and revealed an unexpected surprise.
Editorial
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As curious passers-by approached the machine, the screen slid open to unveil Emil the Seal, the FCA’s finance-friendly mascot, delivering a blunt message about the dangers of investment scams.
The stunt is part of a new campaign from the FCA to promote its Firm Checker, a tool designed to help people quickly verify whether a financial firm is genuine and authorised before handing over their money.
In the 12 months to May 2024, according to the latest FCA data, around 700,000 adults experienced an investments-related fraud or scam.
The FCA’s pop-up ATM was designed to stop people in their tracks and challenge the instinct to rush into offers that seem too good to be true – a tactic scammers rely on to pressure victims into quick decisions.
Sheree Howard, executive director of authorisations at the FCA, says: “Checking isn’t hesitation – it’s the new power move. Scammers thrive on urgency and excitement, which is why we’ve used Emil the Seal to break that spell and remind people to always stop and check whether a financial firm is genuine and authorised before sealing the deal. Our new Firm Checker tool gives consumers a fast and simple way to see if a firm is FCA-authorised and help avoid scams.”Â
The FCA is urging consumers to make firm-checking a habit – just like locking the front door – before committing any money, using the tag-line “before you seal the deal, make sure it’s real.”