"Firms could do more to improve the support they offer to victims of fraud" FCA finds

November 13, 2023

The Financial Conduct Authority (FCA) has recently urged financial institutions to “do more to improve the support they offer to victims of fraud”, emphasising the need for enhanced support systems.  


Victims often suffer not only financial losses but also emotional distress and a loss of trust in financial institutions. It is crucial that financial firms acknowledge their responsibility to support and assist victims on their road to recovery. 


Through our Cyber-Security Support service, We Are Group empower our clients to protect their customers and provide vital assistance to victims of fraud. 


We Are Group have developed a comprehensive Cyber-Security Support service that enables our clients to enhance their customer support by proactively addressing the threat of fraud. Through this service, we manage the entire process, ensuring our clients' customers receive the immediate support they need. 


One of the key aspects of our service is equipping customers with the knowledge needed to prevent falling victim to cyber-crime. We offer training that cover topics such as phishing scams, identity theft, and online safety best practices. By armouring customers with this knowledge, we aim to reduce the chances of them becoming victims in the first place or repeat victims.  


In the unfortunate event that a customer does fall victim to fraud, our Cyber-Security Support service ensures that they receive immediate assistance in a way that suits their specific needs. We understand that each customer's situation is unique, and therefore, we can provide a range of delivery options, including a helpline.  


Financial firms have a responsibility to adhere to Consumer Duty and support victims who have fallen prey to cyber-crime. The FCA's call for improved support is a reminder that there is always more that can be done to protect customers. Through our Cyber-Security Support service, we empower financial institutions to provide assistance to victims of fraud and enhance their overall customer support. Together, we can create a safer and more secure financial landscape for everyone. 


For more information about our Cyber-Security Support and how it can enhance your organisation's Consumer Duty, contact us here, or email Chris Gale.

We Are Group