How to Protect Yourself from Financial Scams in the UK: 15 Checks Before Sending Money

Did this contact come out of the blue?

Be cautious if you receive an unexpected phone call, email, text, WhatsApp message, social media advert, online message, or letter about your money.

Am I being rushed, pressured, or frightened?

Scammers often create urgency.

A genuine financial adviser should give you time to think, verify the information, and take advice.

Only scammers benefit when you panic.

Have I independently checked who I am dealing with?

Do not rely only on the phone number, email address, website, brochure, or link sent to you.

Find the company’s details yourself using official sources. If someone claims to work for a financial firm, check whether the firm is authorised and whether the contact details match the official register.

You can also learn more about Heathcote Financial Planning and Stephen Heathcote, Chartered Independent Financial Adviser, on our Who We Are page.

Have I checked the FCA Firm Checker or Financial Services Register?

Before dealing with any firm offering financial advice, investments, pensions, mortgages, insurance, or credit, check whether it is authorised by the Financial Conduct Authority.

You can use the FCA Fir m Checker to check whether a firm is authorised and has permission for the service being offered. You can also search the Financial Services Register for authorised firms and individuals.

Could this be a clone firm?

Scammers may copy the name, logo, address, website, or FCA number of a genuine company. This is called a clone firm scam.

The person may look professional. Their website may look convincing. Their documents may include real company details. But the email address, phone number, payment details, or website link may belong to criminals.

Does the return sound too good to be true?

Be very cautious if you are promised:

• guaranteed returns
• unusually high interest
• no risk
• exclusive access
• secret investment opportunities
• quick profits
• “better than the bank” returns

Real investments carry risk. A promise of high returns with little or no risk is one of the clearest warning signs.

The FCA provides guidance on how to protect yourself from financial scams, including investment and pension scams.

If you are thinking about your long-term future, our Planning for Retirement page explains how regulated financial planning can help you make decisions with more confidence.

Do I fully understand where my money is going?

Before sending money, you should understand:

• who receives the money
• what product or service you are buying
• what fees apply
• what risks are involved
• how you can access your money later
• what happens if the company fails
• whether any protection applies
• whether you can complain if something goes wrong

If this involves my pension, have I taken regulated advice?

Pension scams can involve:

• free pension reviews
• early access offers
• overseas investments
• high-return schemes
• pressure to transfer
• promises to unlock pension money before the normal minimum pension age
• offers that appear to come from a genuine financial firm

Be particularly careful if someone contacts you unexpectedly about moving, unlocking, investing, or transferring your pension.

You may find our guide on pension scams in the UK helpful if you are worried about a pension transfer, free pension review, or early access offer.

For broader retirement decisions, visit our Planning for Retirement page.

Do I know whether FSCS protection applies?

Some people assume that if a company sounds professional, their money is automatically protected. That is not always true.

Before investing or transferring money, ask:

• Is the firm authorised?
• Is the product regulated?
• Does FSCS protection apply?
• What exactly is protected?
• What is not protected?

This is particularly important with investments, pensions, savings products, and later-life financial decisions.

The Financial Services Compensation Scheme explains what FSCS protection can and cannot cover. The FSCS also publishes latest scams and fraud warnings, including warnings about fraudsters misusing the FSCS name.

Is the payment going to a personal account, overseas account, crypto wallet, or unfamiliar third party?

Be cautious if you are asked to pay money into:

• a personal bank account
• an overseas account
• a crypto wallet
• a third-party account
• an account with a name that does not match the company
• a newly changed bank account

For large payments, always verify the bank details using a trusted route.

Have I verified the bank details using an official number?

Scammers can intercept emails, fake invoices, or pretend to be solicitors, advisers, builders, investment companies, or pension providers.

Before transferring money, call the organisation using a number you have found independently.

Do not use a number from a suspicious email, text, WhatsApp message, invoice, or payment link.

This is especially important for property purchases, solicitor payments, deposits, investments, pension transfers, and large one-off payments.

Has anyone asked me to move money to a “safe account”?

A bank, adviser, solicitor, HMRC, the FCA, or the police should not ask you to move money into a “safe account.”

This is a common scam tactic.

Have I clicked a link, downloaded an app, shared my screen, or given remote access?

Scammers may ask you to:

• click a payment link
• scan a QR code
• download an app
• share your screen
• give remote access to your computer
• enter your banking details
• provide one-time passcodes
• log in while they watch

Your bank, adviser, pension provider, or financial planner should not need remote access to your device to keep your money safe.

GOV.UK provides guidance on reporting suspicious emails, websites, phishing attempts and scam messages.

Would I still make this payment tomorrow?

A genuine opportunity should allow you time to think.

Before releasing money, ask yourself:

• Have I slept on it?
• Have I spoken to someone I trust?
• Have I checked the firm?
• Have I checked the bank details?
• Have I taken advice?
• Would I still feel comfortable tomorrow?

If the answer is no, pause.

Scammers want speed. Good financial decisions usually benefit from calm.

Have I stopped, challenged the request, and protected myself?

Before you release your money, remember:

• Stop — take a moment before acting.
• Challenge — ask whether it could be fake.
• Protect — contact your bank immediately if you think you may have been targeted.

The Take Five to Stop Fraud campaign provides UK fraud-prevention guidance to help people protect themselves before parting with money or financial information.