How to protect yourself from today’s most common financial scams

Financial scams are changing fast – and so are the ways criminals reach people. More UK savers and investors now search online for money tips, which makes it easier for fraudsters to blend in and look convincing.

The good news? A little awareness goes a long way. Knowing where the risks lie can help you spot problems before money’s lost.

Online money content – more popular, less regulated

From social media feeds to search results and AI tools, financial tips are everywhere. One recent study found that around four in ten UK investors had used social media to help make financial decisions in the last two years¹. About one in eight followed advice from so‑called ‘finfluencers’ on platforms like Instagram, TikTok and Facebook¹.

The catch is that much of this content isn’t regulated. That means it may be wrong, one‑sided or deliberately misleading – and there’s often no easy way to tell the difference.

Regulators are trying to keep up. During 2024, the Financial Conduct Authority (FCA) blocked or removed more than 1,600 unauthorised websites promoting financial services². It also worked with major tech firms to take down dozens of scam investment apps.

Why this matters – the cost is real

The FCA’s work isn’t just about rogue operators. In 2024 alone, almost 20,000 financial promotions had to be amended or withdrawn because they didn’t meet regulatory standards³. Just three years earlier, that figure was under 600.

For many people, the impact is already personal. Research from a UK bank shows that more than half of adults who acted on financial advice seen on social media ended up losing money⁴. What looks like a helpful tip can turn out to be an expensive mistake.

Impersonation scams are on the rise

Another growing risk is impersonation. Criminals are becoming more skilled at pretending to be trusted organisations – including banks, investment firms and even the FCA itself.

Impersonation of the FCA is now one of the fastest growing scam types. In the first six months of 2025, the regulator received over 4,400 reports of these scams, with hundreds of people losing money⁵.

It’s worth remembering that the FCA will never:

• ask you to transfer or invest money
• request your bank details, PINs or passwords
• contact you via WhatsApp, other messaging apps or automated calls

If you receive an unexpected message claiming to be from the FCA, pause and check before responding.

Simple steps to stay safe

Scams can affect anyone – even experienced investors. These basic checks can help reduce the risk:

• Stop and verify – use the FCA Register to make sure a firm is authorised
• Be wary of surprises – unexpected calls, texts or emails deserve extra caution
• Get regulated advice – a qualified adviser can help you make choices that fit your long‑term plans

You can also find practical guidance on avoiding scams on the FCA’s website:
www.fca.org.uk/consumers/protect-yourself-scams

We’re here if you need us

Staying informed is one of the strongest protections you have. If an offer, message or online post doesn’t feel quite right, don’t rush. Speak to your financial adviser first. They’re there to help you make clear, confident decisions – and to support your financial wellbeing over the long term.

Find out more about how we, as part of the 7IM Group, look after your account 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. Past performance isn’t a guide to future returns.

Sources

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