The music video was produced by the Financial Conduct Authority (FCA) in partnership with behavioural scientists, Influence at Work, and music production company, Soviet Science. It focuses specifically on loan-fee fraud in which consumers are tricked into paying an upfront fee for a loan or credit they never receive.
In the past year alone, the FCA registered 1,456 instances of reported loan fee fraud, with victims reporting an average loss of £274.
The regulator hopes the song will help consumers become more aware of the issue and more easily spot such scams. The FCA says the campaign is being launched at a time when loan-fee fraud rates are at their highest.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “During what is already a period of increased spending for families, it’s a sad fact that scammers will be seeking every opportunity to exploit vulnerable people through loan fee fraud.”
For more information on how to spot scams, see our 25+ ways to prevent scams guide.
The anti-fraud jingle in full
Watch’s the FCA’s anti-fraud jingle below:
