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Beware of Scammers

An estimated 9 million people in the UK fell victim to financial fraud in the past year, according to Citizens Advice. Well-funded criminal networks are increasingly targeting wealthier victims, using deepfake videos and generative AI. The fraudsters also use cloned websites which appear to be run by genuine firms offering investment opportunities. Investment scams account for just over a quarter of all authorised push payment (APP) fraud cases with average losses being over £25,000. These scams are not immediate but take place over months to establish trust before floating a plausible scenario waiting for the victim to bite. The fraudster may pose as a financial adviser or somebody running an investment firm. They may approach through legitimate web forums or group chats or via online advertisements including social media posts. On the face of it they may look to be supported by recognisable faces, but in reality those faces have been digitally enhanced, created to give the advert more legitimacy. Don’t make any payments unless you have confirmed the legitimacy of the transaction. If in any doubt contact your bank directly through a trusted contact before investing.