Scams and fraud
The warning signs, what to do straight away, who to report to, and the protections that exist if you're tricked into paying. Information only – not advice.
Warning signs
Scams can be hard to spot: fraudsters can be convincing and knowledgeable, with websites and materials that look identical to the real thing. The FCA suggests asking yourself these questions about any unexpected contact. A "yes" to any of them is a reason to stop and check.
- Is it unexpected? Scammers often call out of the blue, or use email, text, post, social media or even visit in person.
- Are you being rushed? A bonus, discount or "limited time" is a common way to hurry you.
- Does it sound too good to be true? High returns are a typical lure.
- Are you told it's exclusive or secret? "You've been specially chosen" is a warning sign.
- Are they flattering you or building a friendship?
- Are you feeling worried or excited? Scammers try to work on your emotions.
- Do they speak with authority? Claiming to be authorised, and sounding knowledgeable, proves nothing.
The FCA also says: don't give out bank or card details unless you're certain who you're dealing with, don't share passwords with anyone, and don't download software or an app from a source you don't trust, as scammers may be able to take control of your device. A genuine bank or business won't mind waiting if you want time to think.
Sources (checked 17 October 2026): FCA – Protect yourself from scams (opens in new tab); Stop! Think Fraud (GOV.UK campaign) (opens in new tab).
Stop, check, report
1. Stop
Don't reply, click links, open attachments or pay. If a call or message pressures you, hang up or ignore it.
2. Check
Hang up and ring your bank on a number you trust, or 159. For any firm offering a financial product, look it up on the FCA Firm Checker (opens in new tab) and use the contact details listed there, not the ones you were given.
3. Report
Tell your bank, then report the scam (numbers below). Reporting helps others, and your bank may need the details.
About 159. It is run by Stop Scams UK. It connects you to your bank's genuine customer service line if your bank is signed up – a long list of banks and building societies has joined, but not every bank is on it. 159 will never call you: anyone ringing and saying they're from 159 is a scammer. Check Stop Scams UK's page for the current list of banks.
Sources (checked 17 October 2026): Stop Scams UK – Stop, hang up, call 159 (opens in new tab); FCA – How to check a firm or individual is authorised (opens in new tab).
Common scams
| Scam | How it often works | What official sources say |
|---|---|---|
| Fake bank or "fraud team" call | Someone claims to be your bank (or police, HMRC) and says your money is at risk, then asks you to move it or share codes. | Hang up and call your bank on a trusted number or 159. Contact your bank immediately if you've paid or shared details. |
| Phishing texts and emails | A message pretending to be a bank, delivery firm or government body with a link to a fake site. | Forward scam texts to 7726 (free) and suspicious emails to report@phishing.gov.uk. |
| Investment and crypto scams | Promises of high or guaranteed returns, often through social media or a "friend" you've only met online. | Check the firm on the FCA Firm Checker. The FCA also warns that products it doesn't regulate come with no protection if something goes wrong. |
| Pension scams | Cold calls or "free pension reviews", offers to release money before age 55, or unusual overseas investments. | See pension scams below. |
| Upfront fee scams | You're asked to pay a fee in advance after an offer of a loan, a job or a prize. | The FCA says if you pay a fee in advance you will probably never hear from the fraudsters again. |
| Screen-sharing and remote access | You're talked into installing software that lets someone see or control your device. | Don't give access to your device to anyone you don't trust (FCA). |
| Money mule offers | "Easy money" for letting someone use your account. | See money mules below. |
Sources (checked 17 October 2026): FCA – Protect yourself from scams (opens in new tab); FCA – Money transfer scams (opens in new tab); GOV.UK – Report suspicious emails, texts and websites (opens in new tab).
Who to report to
| What | Where |
|---|---|
| You've paid or shared details | Your bank, straight away – card/statement number, or 159 |
| Fraud or cyber crime (England, Wales, Northern Ireland) | Report Fraud (opens in new tab): 0300 123 2040 |
| Fraud in Scotland | Police Scotland: 101 |
| Scam text message | Forward it to 7726 (free). Your mobile provider can investigate and block the sender. |
| Scam email | Forward to report@phishing.gov.uk (National Cyber Security Centre) |
| A firm that may be impersonating a regulated firm, or a financial scam | FCA consumer helpline: 0800 111 6768 |
| Emergency or in immediate danger | 999 |
Sources (checked 17 October 2026): Report Fraud (police) – report cyber crime and fraud (opens in new tab); GOV.UK – Report suspicious emails, texts and websites (opens in new tab); FCA – Protect yourself from scams (opens in new tab); National Crime Agency – Money mules (opens in new tab).
Tricked into a bank transfer: what protection exists?
If you were tricked into sending money by bank transfer – an authorised push payment (APP) scam – the Payment Systems Regulator's rules usually require your bank to reimburse you, if the payment was a UK Faster Payments or CHAPS transfer made on or after 7 October 2024. In summary:
- Limit: up to £85,000 per claim. Firms may choose to pay more. If you lose more than that and aren't reimbursed, you can raise the case with the Financial Ombudsman Service.
- Time to report: as soon as possible and within 13 months of the payment.
- Speed: you can expect an answer within 5 business days of claiming. If the firm needs more time to gather information, it must reach an outcome within 35 business days.
- Excess: firms may apply an optional excess of up to £100 (not to vulnerable customers).
- Who's covered: individuals, microenterprises and charities, for payments between UK accounts. Credit unions, municipal banks and National Savings banks aren't part of the arrangements.
- Not covered: you won't be reimbursed if you were complicit in the fraud or grossly negligent (a high bar, which doesn't apply to vulnerable customers). Card, cash and cheque payments have their own protections, and civil disputes (for example goods that never arrived from a genuine seller) are handled differently.
Sources (checked 17 October 2026): Payment Systems Regulator – APP fraud reimbursement protections (opens in new tab); Payment Systems Regulator – APP scams policy roadmap (opens in new tab); Stop! Think Fraud (GOV.UK campaign) (opens in new tab).
Pension scams
The FCA's warning signs include a guaranteed better return on your pension savings, high-pressure sales tactics, unusual and unregulated investments, complicated structures, and several firms each taking a fee.
- Cold calls about your pension are illegal and probably a scam. The FCA says the safest thing is to hang up. Ignore offers by email or text. You can report pension cold calls to the Information Commissioner's Office (ICO).
- Offers to release money before age 55 ("pension liberation" or "pension loans") are almost certainly scams. The FCA says you could also face a tax bill of 55% on what you withdraw. The normal minimum pension age is 55, rising to 57 from 2028 (see Pensions).
- "Free pension reviews" from people who contact you unexpectedly are likely to be scams. Professional advice isn't free, and some scammers claim to act for the FCA or MoneyHelper.
- If you want advice, use someone authorised by the FCA, and never take advice from a company that contacted you out of the blue.
Sources (checked 17 October 2026): FCA – Pension scams (opens in new tab).
Money mules
A money mule is someone who moves criminal money for others – by letting them use your bank account, buying or selling cryptocurrency for them, or withdrawing cash to hand over – sometimes for a payment. The National Crime Agency says students are often targeted with "quick money" offers through social media job posts, direct approaches and gaming chats.
It is a crime. Consequences listed by the NCA include up to 14 years in prison, bank accounts closed, and difficulty getting loans, phone contracts, credit cards or mortgages later. The FCA adds that you may also find it hard to access banking services or credit in future. If someone asks to "borrow" your account, ask someone you trust first, and report recruiters to the police on 101 or anonymously to Crimestoppers (0800 555 111).
Sources (checked 17 October 2026): National Crime Agency – Money mules (opens in new tab); FCA – Money transfer scams (opens in new tab).
Identity theft
If someone may have used your details, tell your bank and report to Report Fraud. Checking your credit file is a good way to spot accounts you didn't open – see credit files and credit scores for how to check yours free, and how to put mistakes right. The FCA also says to check your bank and card statements regularly, and to be extra careful after a scam: fraudsters can target you again, for example with offers to recover your money for a fee ("recovery room" scams).
Sources (checked 17 October 2026): FCA – Protect yourself from scams (opens in new tab); Report Fraud (police) – report cyber crime and fraud (opens in new tab).