In this week’s Enews, we look at a warning to taxpayers with online HMRC accounts. There is also news on FCA action against finfluencers and an economic forecast from the World Bank to update you on.
News - 20 June 2025
HMRC system attack is a timely reminder to keep personal data safe
Taxpayers are being urged to check their online HMRC account after scammers attempted to defraud the tax authority using individuals’ data and login details.
The Low Incomes Tax Reform Group (LITRG) is also reminding people of the importance of being vigilant and taking care of personal data.
HMRC recently announced that criminals had targeted the online tax accounts of nearly 100,000 taxpayers to try to make false tax refund claims.
In some cases, HMRC have said that criminals gained people’s login credentials and made use of existing online tax accounts. But, in others, they gained personal data that enabled them to set up new online tax accounts via the Government Gateway.
HMRC have locked down the compromised accounts as a precaution. They are writing to those affected with details on how they can regain access to their accounts.
Joanne Walker, Technical Officer at LITRG, said:
‘HMRC have confirmed that they were the victim of online scammers who tried to defraud them of money using the details of individual taxpayers.
‘While HMRC say this attack has not resulted in any tax-related financial loss for individual taxpayers, it is a timely reminder that fraud is an ongoing threat.’
Internet link: LITRG website
FCA in international crackdown on unlawful finfluencers
The Financial Conduct Authority (FCA) joined forces with eight international regulators for a week of action to combat the risks of finfluencers on social media.
Finfluencers are widespread throughout social media platforms. They promote themselves as successful entrepreneurs in luxurious destinations to lure people into paying for their services such as masterclasses to get rich quick and following their investment strategies.
Regulators from the UK, Australia, Canada, Hong Kong, Italy and the United Arab Emirates (UAE) took part in a ‘global week of action against unlawful finfluencers’ from 2 June.
In the UK, the FCA:
- made three arrests with the support of the City of London Police
- authorised criminal proceedings against three individuals
- invited four finfluencers for interview
- sent seven cease and desist letters
- issued 50 warning alerts.
The FCA says the warning alerts will result in over 650 take down requests on social media platforms and more than 50 websites operated by unauthorised finfluencers.
Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, said:
'Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.'
Internet link: FCA website
Global economy set for weakest run since 2008, warns World Bank
Heightened trade tensions and policy uncertainty are expected to drive global growth down to its slowest pace since 2008, according to the World Bank’s latest Global Economic Prospects report.
Recent turmoil has resulted in growth forecasts being cut in nearly 70% of all economies - across all regions and income groups, says the Bank.
Global growth is projected to slow to 2.3% in 2025, nearly half a percentage point lower than the rate that had been expected at the start of the year, the Bank adds.
The bank says a global recession is not expected. Nevertheless, if forecasts for the next two years materialise, average global growth in the first seven years of the 2020s will be the slowest of any decade since the 1960s.
M. Ayhan Kose, Chief Economist and Director of the Prospects Group at the World Bank, said:
‘Emerging-market and developing economies reaped the rewards of trade integration but now find themselves on the frontlines of a global trade conflict.
‘The smartest way to respond is to redouble efforts on integration with new partners, advance pro-growth reforms, and shore up fiscal resilience to weather the storm. With trade barriers rising and uncertainty mounting, renewed global dialogue and cooperation can chart a more stable and prosperous path forward.’
Internet link: World Bank website
