Due to the sharp rise in online scams and bank fraud, major UK financial institutions have issued urgent warnings to customers. Trustee Savings Bank (TSB) highlighted a dramatic increase in impersonation scams, purchase fraud, and investment fraud, identifying them as the main drivers of consumer losses. Impersonation scams have tripled on WhatsApp in a single year, while investment fraud — often driven by fake crypto platforms and trading schemes — has seen particularly large losses.
Common Scam Types Flagged by Banks
- Impersonation scams: Fraudsters pose as bank staff, HMRC, or the police to trick victims into transferring funds.
- Purchase fraud: Fake goods advertised on social media or marketplace platforms, with buyers never receiving items.
- Investment fraud: Fake high-return opportunities, often cryptocurrency-based, that disappear after deposits are made.
How to Stay Safe
Banks advise customers to never transfer money to an account suggested by an incoming caller, to verify any investment platform on the FCA register before investing, and to treat any unsolicited contact about investment opportunities as suspicious until verified. Anyone who has already been scammed should contact their bank immediately and report to Action Fraud.
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