The Financial Services Compensation Scheme has warned consumers to "be on their guard" against an email scam promising a high value payment.
The compensation body said scammers were posing as the FSCS and attempting to entice consumers to provide personal information with the promise of a $5.7m (£4.52m) payment.
The FSCS stated: "Do not respond to these emails or provide any information. They are not authentic. And the FSCS does not approach people in this manner."
A spokesman for the scheme stated the fraudulent emails included a fake form requesting personal information.
They also included a fake identity card which the scammers claim is from one of FSCS’s staff.
"Neither is from the scheme. No one by that name works for us. Providing any personal information may compromise your data," the FSCS stated.
It advised consumers to delete emails immediately and block the sender.
Mark Neale, chief executive of the FSCS, said: “Sadly such scams are one of the plagues of modern life.
"They prey on people and try to lure them into handing over their personal information on the promise of riches.
"Don’t let scammers get away with this. The FSCS will never approach you in this way. Stay safe. Do not respond to these emails or provide any personal information."