The Financial Conduct Authority is warning people about a new scam surrounding car finance compensation claims.
The watchdog says it has received reports of scammers contacting people following its announcement that it will consult on a potential car finance compensation scheme.
Althoug there's no scheme in place yet, scammers are pretending to be car finance lenders and falsely claiming that people are owed compensation.
The fraudsters are asking individuals for personal information including their name, address, date of birth and bank details. They then falsely claim that these people are owed compensation.
The regulator says that people who receive call like this should hang up and report scam calls and texts to Ofcom by forwarding them to 7726.