Protecting yourself from today’s most common financial scams

Fraudsters are getting smarter, and many now target UK savers and investors online. As more people look to the internet for financial guidance, the risk of coming across misleading or fake information is growing.

Unregulated online advice is increasing

More people are using social media, search engines and even AI tools for money tips. One study¹ found that 40% of UK investors used social media to help make financial decisions in the past two years, and 12% relied on ‘finfluencers’ – or financial influencers – posting on Instagram, TikTok and Facebook.

The problem? Much of this content is unregulated, meaning it may be inaccurate, biased or designed to mislead you.

To help curb the danger, the Financial Conduct Authority (FCA) has been stepping up its oversight. In 2024, it blocked, suspended or removed over 1,600 websites² promoting financial services without permission. It also worked with tech companies like Google and Apple to take down more than 50 scam investment apps.

Why this matters – real losses for consumers

The FCA’s crackdown hasn’t only affected unregulated operators. In 2024, almost 20,000 noncompliant financial promotions were changed or removed, up from fewer than 600 in 2021³.

But for many people, the damage has already been done. Research from one UK bank shows that over half of adults who acted on financial advice they saw on social media lost money⁴.

Impersonation scams are rising

Criminals are also getting better at pretending to be trusted organisations such as banks, investment firms – and even the FCA.

In fact, one of the fastest-growing scam types involves criminals pretending to be the FCA. In the first half of 2025, the regulator received 4,465 reports of impersonation scams, with 480 victims losing money⁵.

The FCA stresses that it’ll never:

• Ask you for money
• Request bank account details
• Ask for passwords or PINs
• Contact you through WhatsApp, other messaging apps or automated calls.

If you get unexpected contact claiming to be from the FCA, treat it with caution.

How to stay safe

Scams can catch anyone out, even experienced investors. A few simple steps help protect you:

• Check before you act. Use the FCA Register to confirm a firm is authorised.
• Be careful with unexpected messages. Avoid clicking links or sharing personal details.
• Seek regulated financial advice. A qualified adviser will help you make decisions that support your longterm goals.

You can find more practical FCA guidance on avoiding scams here:
https://www.fca.org.uk/consumers/protect-yourself-scams

We’re here to help

Staying informed is one of the best ways to protect yourself. If you’re unsure about an offer, a recommendation or something you’ve seen online, speak to your financial adviser first. They’re there to help you make confident, well-informed decisions that protect your financial future.

We’re committed to keeping your money safe. Find out what we do to protect your account and more at Fraud Prevention.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

Sources

¹ Fidelity: Investors turning to social media for financial advice
² FCA closes 1,600 websites as it fights financial crime
³ FCA closes 1,600 websites as it fights financial crime
⁴ Over half of those who have acted on social media financial advice have lost money
⁵ Almost 5,000 fake FCA scams reported in first 6 months of 2025