How to Protect Yourself from Financial Scams in 2026
- Written by: Vera Jezkova, Marketing Director
- Reviewed by: Steve Heathcote, Chartered Financial Planner
- Last reviewed: 28th April 2026
Financial Scams Are Becoming Harder to Spot
Why Financial Scams Are More Convincing
Financial scams are becoming more convincing, more personal and much harder to spot.
Fraudsters no longer rely only on badly written emails or obvious cold calls.
What Fraudsters May Already Know About You
They may know your name, your address, your bank, your job title, your recent online activity, or even details about your family.
The Safest Mindset
Do not ask, “Does this look real?”
Ask, “How can I independently prove this is real?”
Download our Finance Scams & Fraud Checklist
Before you respond to a message, click a link, transfer money, or share personal information, use this checklist to help you pause and check the warning signs.
It is designed to help you take a calmer, more structured approach if something does not feel right.
Download the checklistProtect Yourself from Financial Scams
Pause Before You Act
If someone contacts you about your money, mortgage, pension, investment, tax position, bank account or financial plan, pause before you act.
A Genuine Professional Will Not Pressure You
A genuine professional will not pressure you, rush you or object to you checking their identity.
Do Not Rely on Basic Personal Information
The Financial Conduct Authority says consumers should not assume someone is genuine just because they know basic information about them.
Do Not Share Sensitive Information
The Financial Conduct Authority also warns against sharing passwords, bank details or downloading unknown software.
What This Guide Covers
This guide explains how to protect yourself, your family and your finances from common scams in the UK.
The Simple Rule: Stop, Check, Then Act
Why Scams Often Work
Most financial scams work because they create urgency. Fraudsters want you to panic, rush your decision and act before you have had time to check whether the contact is genuine.
What Scammers May Say
| What the scammer says | What they want you to do |
|---|---|
| “Your account is at risk.” | Panic and move money quickly. |
| “This investment is only available today.” | Ignore proper checks. |
| “Your pension could perform better elsewhere.” | Transfer your pension without advice. |
| “We are calling from your bank.” | Share security details. |
| “You owe money to HMRC.” | Pay immediately. |
| “You need to download this app.” | Give them access to your device. |
Stop, Challenge and Protect
The UK’s Take Five to Stop Fraud campaign encourages people to Stop, Challenge and Protect when asked for personal or financial information, or when asked to transfer money.
A Safe Response to Use
“I am not going to act from this call, email or message. I will verify this independently and come back through official contact details.”
Why This Matters
That one sentence can protect you from thousands of pounds of loss. It gives you time to pause, check the facts and make sure you are dealing with a genuine organisation or professional.
Why Financial Scams Are So Dangerous Now
Fraud Is Not Just a Banking Issue
Fraud is not just a banking issue. It affects pensions, investments, mortgages, insurance, tax, later-life planning, inheritance planning and everyday online payments.
Scammers Are Constantly Adapting
UK Finance’s 2025 Annual Fraud Report showed that while authorised push payment fraud fell in 2024, criminals continued to adapt, with remote purchase fraud increasing.
When One Scam Gets Harder, Another One Appears
The report highlights a key point: when one type of scam becomes harder, fraudsters often move to another weakness.
Protection Is About Process, Not Memory
That means protection is not about memorising every scam. It is about building a repeatable checking process.
The 10 Warning Signs of a Financial Scam
1. You Are Pressured to Act Quickly
Scammers use urgency because time gives you power.
Be cautious if you hear:
- “You must act today.”
- “This offer will disappear.”
- “Your money is at immediate risk.”
- “Do not tell anyone.”
- “Your adviser, bank or family member cannot help you.”
FCA Reminder
The FCA says a genuine bank or business will not mind waiting while you take time to think.
2. The Return Sounds Too Good to Be True
Be suspicious of promises such as:| Claim | Why it is risky |
|---|---|
| “Guaranteed high returns” | Real investments carry risk. |
| “No risk” | This is a major red flag. |
| “Better than the banks” | Often used in investment scams. |
| “Secret opportunity” | Designed to avoid scrutiny. |
| “Tax-free pension access before 55” | Often linked to pension fraud. |
What a Genuine Adviser Should Do
A legitimate financial adviser will explain both the potential benefits and the risks.External Website Notice
You are leaving our website. The link below will take you to an external website. Heathcote Financial Planning is not responsible for the content of external websites. Read MoneyHelper guidance on how to spot a pension scam3. You Are Asked to Move Money to a “Safe Account”
A common authorised push payment scam involves convincing you to transfer your own money to an account controlled by the fraudster.
Important Reminder
Your bank, the police, HMRC or the FCA will not ask you to move money into a “safe account”.
4. You Are Asked for Passwords, PINs or Security Codes
Never share:
- Online banking passwords
- One-time passcodes
- Card PINs
- Full memorable information
- Remote access codes
- Authentication app approvals
Important Reminder
A scammer may claim they need these details to “protect” your account. They do not. They need them to access your money.
5. You Are Asked to Download Software or an App
Be extremely careful if someone asks you to download software so they can “help” you.
Remote access tools can allow criminals to see your screen, control your device and access your bank account.
FCA Reminder
The FCA specifically warns consumers not to give access to their device by downloading software or apps from untrusted sources.
6. The Contact Comes Out of the Blue
Cold calls, unexpected texts, social media messages and emails should be treated carefully, especially when they relate to:
- Investments
- Pensions
- Mortgages
- Tax refunds
- Cryptoassets
- Debt help
- Insurance claims
- Inheritance
- Later-life lending
- Equity release
Important Reminder
Unexpected contact does not automatically mean fraud, but it does mean you should verify before responding.
Related Guide
Later-life lending and equity release
7. The Email Address or Website Looks Slightly Wrong
Fraudsters often create websites and email addresses that look almost identical to genuine firms.
Check for:
| Detail to check | Example of risk |
|---|---|
| Misspelled domain | heathcotefp-secure.co.uk instead of the genuine site |
| Extra hyphens or numbers | Often used in clone websites |
| Gmail/Outlook address | Unusual for a regulated financial firm |
| Poor grammar | Not always present, but still a warning |
| No regulatory details | Serious concern for financial advice |
Important Reminder
Do not click links inside suspicious messages. Go directly to the official website by typing the address yourself.
8. The Person Avoids Written Confirmation
A genuine financial professional should be comfortable providing clear written information, including:
- Their full name
- Firm name
- FCA registration details, where relevant
- Business address
- Contact details
- Explanation of fees
- Risks and limitations
- Complaints process
Important Reminder
If someone avoids written details, changes the subject or says “we do everything by phone,” be careful.
9. They Tell You Not to Speak to Anyone Else
Scammers often isolate victims.
They may say:
- “Your family will not understand.”
- “Your bank will block this because they do not want you to invest.”
- “Do not tell your adviser.”
- “This is confidential.”
- “You will lose the opportunity if you ask someone else.”
Important Reminder
This is emotional manipulation. Always speak to someone you trust before making a major financial decision.
10. Something Feels Slightly Off
Many victims say afterwards: “I had a feeling something was wrong, but I carried on.”
Listen to that feeling.
You Are Allowed to Pause
Fraudsters are trained to sound confident. You are allowed to pause, hang up, check and walk away.
How to Check if a Financial Firm or Adviser Is Genuine
Before acting on financial advice, pension advice, investment opportunities or mortgage recommendations, check who you are dealing with.
Step 1: Check the FCA Register
Use the FCA Register to confirm whether a firm or individual is authorised. Do not rely on links sent by the person contacting you. Search independently.
External Website Notice
You are leaving our website. The link below will take you to an external website. Heathcote Financial Planning is not responsible for the content of external websites.
Check whether a financial firm or individual is authorisedThe FCA provides consumer guidance on checking whether a firm or individual is authorised before making financial decisions.
Step 2: Call Back Using Official Details
Do not call the number in the email, text or message. Use the number listed on the firm’s official website or FCA Register entry.
Step 3: Check the Firm’s Website Carefully
Look for:
| Trust signal | Why it matters |
|---|---|
| FCA details | Helps verify regulated activity |
| Clear team information | Makes impersonation harder |
| Physical address | Adds accountability |
| Privacy policy | Shows proper data handling |
| Complaints process | Important for regulated services |
| Clear fees | Avoids hidden pressure tactics |
| No unrealistic promises | Good firms explain risk |
Step 4: Ask What Happens If You Do Nothing Today
This is a powerful question.
If the answer is full of pressure, fear or threats, stop.
A genuine adviser can explain the consequences calmly. A scammer needs you to panic.
Common Types of Financial Scams to Watch For
Banking and Payment Scams
These often involve someone pretending to be from your bank, the police, a payment provider or a fraud department.
They may claim:
- Your account has been hacked
- A suspicious payment has been made
- You need to move money
- You need to approve or cancel a transaction
- Your card has been cloned
Never transfer money because someone on the phone tells you to.
Pension Scams
Pension scams can be devastating because they can affect decades of savings.
Be cautious if someone offers:
- Early pension access
- A free pension review from an unknown firm
- Overseas pension investments
- Guaranteed returns
- Pressure to transfer quickly
- Unusual or complex investment structures
Pension decisions are often irreversible, so take independent regulated advice before transferring.
External Website Notice
You are leaving our website. The link below will take you to an external website. Heathcote Financial Planning is not responsible for the content of external websites.
Read the FCA guidance on pension scamsInvestment Scams
Investment scams may involve shares, bonds, property, cryptocurrency, foreign exchange, gold, green energy, artificial intelligence, whisky, fine wine or overseas developments.
The more exciting, exclusive or urgent the opportunity sounds, the more boring and thorough your checks should become.
External Website Notice
You are leaving our website. The link below will take you to an external website. Heathcote Financial Planning is not responsible for the content of external websites.
Read the FCA guidance on protecting yourself from scamsMortgage and Property Scams
Mortgage and property fraud can include:
- Fake brokers
- Deposit redirection scams
- Fraudulent conveyancing emails
- Fake lender communications
- Identity theft during mortgage applications
- False property investment schemes
If you are buying a home, always verify bank details directly with your solicitor using a known phone number before transferring a deposit.
External Website Notice
You are leaving our website. The link below will take you to an external website. Heathcote Financial Planning is not responsible for the content of external websites.
Read The Law Society guidance on payment diversion fraudHMRC and Tax Scams
HMRC scams may claim you owe tax, are due a refund, or are under investigation.
Fraudsters may use threatening language, court references or refund links. GOV.UK provides guidance on fraud, tricks and scams, including unexpected emails, telephone calls and letters that claim to be from official bodies.
Romance and Relationship Scams
These scams are not just emotional; they are financial.
A scammer builds trust over weeks or months, then asks for money for an emergency, travel, medical costs, investment or business problem.
Never send money to someone you have not met in person and independently verified.
Purchase Scams
Remote purchase fraud has grown significantly, according to UK Finance’s 2025 report. These scams often involve fake products, fake sellers, fake websites or marketplace listings.
Be cautious when buying high-value items online, especially if the seller pushes bank transfer instead of a protected payment method.
What To Do Before You Move Money
Use this checklist before any major transfer.
| Question | Safe action |
|---|---|
| Did I expect this request? | If not, verify independently |
| Am I being rushed? | Stop immediately |
| Have I checked the firm? | Use official sources |
| Have I called back on a trusted number? | Do not use numbers from messages |
| Have I spoken to someone I trust? | Get a second opinion |
| Is the return realistic? | Be sceptical of guarantees |
| Is the payment going to a new account? | Verify account details directly |
| Am I embarrassed to ask for help? | That is exactly what scammers rely on |
What To Do If You Think You Have Been Scammed
Act quickly. Do not feel embarrassed. Fraudsters are skilled manipulators, and anyone can be targeted.
1. Contact Your Bank Immediately
Use the number on the back of your card or in your banking app. Tell them you believe you may have been scammed.
2. Report It
You can report fraud and cybercrime through Action Fraud. Action Fraud also provides cyber protection guidance, including practical steps such as protecting personal information and destroying sensitive documents.
External Website Notice
You are leaving our website. The link below will take you to an external website. Heathcote Financial Planning is not responsible for the content of external websites.
Action Fraud3. Change Passwords
Change passwords for:
- Online banking
- Investment platforms
- Pension portals
- Shopping accounts
- Cloud storage
- Social media
Use strong, unique passwords and enable two-factor authentication where possible.
4. Check Your Credit File
If your identity may have been stolen, check your credit report for unfamiliar applications or accounts.
5. Tell Someone You Trust
Fraud can feel isolating. Telling someone quickly may help you take practical action and avoid further loss.
Questions People Often Ask Before They Report a Scam
“What if I feel foolish?”
You are not foolish. Scammers use pressure, fear, trust and technology to manipulate people. Reporting the issue quickly is the smartest thing you can do.
“Can my bank get the money back?”
Possibly, but it depends on the circumstances, timing and type of payment. Contact your bank immediately. Do not wait to see what happens.
“Should I reply to the scammer?”
No. Once you suspect fraud, stop communicating. Take screenshots, keep evidence and report it.
“What if the person says they are FCA-authorised?”
Check independently. Do not rely on documents, links or screenshots they provide.
“What if I already clicked a link?”
Do not enter more information. Change passwords, contact your bank if financial details were involved, and run security checks on your device.
“Should I tell older relatives about scams?”
Yes. But avoid making them feel vulnerable or embarrassed. A better approach is:
“Scams are becoming more sophisticated for everyone. Let’s agree that neither of us moves money from an unexpected call or message without checking with the other first.”
How Families Can Protect Each Other
Fraud prevention works best when it becomes a family habit, not a one-off warning.
Family Rules to Agree Together
| Family rule | Why it helps |
|---|---|
| No major transfer from an unexpected call | Reduces panic decisions |
| Always verify solicitor bank details by phone | Protects property deposits |
| No pension transfer without regulated advice | Protects long-term savings |
| Use a family “safe phrase” | Helps spot impersonation scams |
| Talk before investing in anything new | Adds a second layer of judgement |
Who May Be More Vulnerable?
This is especially important where older relatives, recently bereaved family members, people going through divorce, or people approaching retirement may be making significant financial decisions.
A Practical 60-Second Scam Check
Before you respond, pay or share information, ask:
- Was I expecting this contact?
- Am I being rushed or frightened?
- Have I verified the person using official details?
- Would I still do this tomorrow after speaking to someone I trust?
- Is there any reason I am being told to keep this secret?
If any answer worries you, stop.
How Heathcote Financial Planning Can Help
Financial scams often succeed because people are forced to make decisions under pressure. Good financial planning does the opposite. It gives you time, structure and clarity.
At Heathcote Financial Planning, we help clients understand their financial options clearly before making important decisions around mortgages, later-life lending, protection, pensions and long-term financial planning.
Helpful Related Pages
If you have received an unexpected financial offer, pension review, investment proposal, mortgage message or later-life lending approach and you are unsure whether it is genuine, speak to a qualified professional before acting.