How to protect yourself from financial scams in the UK

Financial fraud costs the UK billions of pounds every year, and scammer methods are increasingly sophisticated.

Common UK financial scams

Authorised push payment (APP) fraud occurs when someone is tricked into transferring money to a fraudster's account — often by impersonating a bank, HMRC, or the police. Investment scams promise high returns with low risk. Romance fraud involves building a relationship over months before requesting money.

Warning signs

Unsolicited contact offering financial opportunities. Pressure to act quickly or keep matters confidential. Requests for payment by bank transfer, cryptocurrency, or gift cards. Returns that sound too good to be true.

How to protect yourself

Never act on unsolicited contact. Always independently verify anyone claiming to represent your bank or HMRC — hang up and call back on a number you find yourself. Check the FCA register before dealing with any investment firm. Use a 72-hour rule for any significant financial decision.

If you are scammed

Report to Action Fraud and your bank immediately. Banks are required to reimburse most APP fraud victims under the Payment Systems Regulator's reimbursement rules.

Bottom line

Healthy scepticism, refusal to be rushed, and independent verification before any financial transaction are your strongest defences against fraud.