According to the most recent data from the Office for National Statistics, there were around 4.2 million incidents of fraud in the year to March 2025. This is a 31% increase compared with the year ending in March 2024.
Of the 4.2 million cases of fraud reported, only 2.1 million individuals were fully reimbursed. Moreover, 7 out of 10 victims said the scams they experienced had an emotional impact, with some reporting “shock” and “loss of confidence or feeling vulnerable”.
Unfortunately, the rapid advancement of technology is allowing fraudsters to develop new and more sophisticated scams that are harder to detect.
Awareness is the key to protecting your wealth and wellbeing from the potentially damaging effects of such schemes.
Keep reading to learn about three of the top financial scams circulating in 2026 and find out how to stay safe.
1. Deepfake investment frauds
Investment scams are one of the most common ways that criminals will try to get you to part with your money. The City of London Police have revealed that in 2025, people in the UK lost £2.4 million every day to investment fraud. That’s equivalent to £1,675 a minute.
Scammers are increasingly using “deepfake” technology to target potential victims on social media. This involves creating an AI-generated video or voice to make an “unmissable” investment opportunity look like it’s endorsed by a real public figure or a person the victim knows.
The aim is to build trust and a sense of urgency so that people send money to fake platforms that are used to divert funds to the criminals’ accounts.
The Guardian recently reported that deepfake fraud is now occurring on an industrial scale because it can be “produced by pretty much anybody”. It cited a case where a financial officer at a Singaporean multinational paid nearly $500,000 to scammers during what he thought was a video call with his company’s leadership team.
And it’s not only big businesses that are targeted. The Office of the Police & Crime Commissioner for Surrey reported an incident in which a resident lost £20,000 of his life savings after he was tricked into a scam investment by a deepfake video of the financial journalist and TV star, Martin Lewis.
2. Authorised Push Payment (APP) scams
These occur when a criminal tricks you into willingly transferring money to their account, usually by bank transfer or another fast payment method.
Common types of APP scams include:
- Impersonation – A common strategy is for the scammer to pretend they represent your bank or another trusted organisation and claim that your account has been compromised. They’ll then ask you to transfer funds to a “safe” account.
- Purchase fraud – This occurs when you pay for fake goods or services, such as holidays and cars, that never arrive or turn out to be misrepresented. Scammers may also intercept communications between you and legitimate sellers.
- Investment and romance scams – Criminals build a relationship with the victim online before asking them for money, typically for an emergency or travel costs.
According to the Payment Systems Regulator (PSR), consumers reported around 269,000 APP incidents between October 2024 and September 2025.
The PSR introduced mandatory APP protection rules in the UK on 7 October 2024 to ensure that victims are reimbursed. However, it could take up to 35 working days to get your money back, and the amount is capped at £85,000.
3. Recovery fraud
This is possibly one of the most ruthless types of scams, as it targets individuals who have already been victims of another fraudulent scheme.
The criminal will contact someone they have previously scammed and pose as a solicitor or the representative of a regulator such as the Financial Conduct Authority (FCA).
They’ll say they can recover some or all of the money that’s been lost – but only if the victim pays an upfront fee or admin charge first. Alternatively, they might ask for the person’s bank details so they can return their money.
Here are a few warning signs of recovery fraud:
- Someone contacts you out of the blue to discuss the money you lost in a scam.
- They ask for an upfront fee or sensitive information about your bank accounts.
- They pressure you to act fast.
How to protect your wealth from financial scams
The number of scams and their increasing level of sophistication might feel concerning. However, there are some simple steps you can take to safeguard your money.
Here is an overview of the FCA’s guidance on how to protect yourself:
- Treat all unexpected communication with caution.
- End calls and message conversations if you feel pressured to act quickly.
- Check your bank account and credit card statements regularly.
- Consider seeking independent financial advice before making a big financial decision.
- Check overseas regulators if you’re dealing with an overseas firm.
You might also find it helpful to read the FCA’s advice on how to spot a financial scam, and remember, if it sounds too good to be true, it probably is.
Get in touch
If you’re worried about keeping your money safe from scammers or would like independent advice before making an important financial decision, we can help.
Please get in touch by email helpme@aspirellp.co.uk or call 0117 9303510 to find out more about what we can do.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
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