18 July 2025 | 4 minute read
Fraudsters are becoming more sophisticated, blending traditional scams with cutting-edge technology. Stay informed and vigilant to safeguard yourself and your loved ones from these common modern scams.
1. Bank impersonation scams
- How it works: You receive a call, text, or email that appears to be from your bank, claiming urgent issues like a security breach or suspicious activity. Fraudsters may request your banking password, PIN, or one-time codes, claiming they’re needed for verification.
- Protect yourself: Never share sensitive information. Banks will never ask for passwords or codes. Don’t click on a link or provide any information if you cannot be sure who is contacting you.
2. Cryptocurrency scams
- How it works: Scammers use fake blockchain projects, deepfake celebrity endorsements, or high-yield investment schemes to lure victims. Crypto drainers trick users into connecting their wallets to malicious platforms, draining their funds.
- Why it’s growing: Generative AI has made scams more convincing and widespread. Deepfake videos and fake endorsements add credibility to fraudulent schemes.
- Protect yourself: Be cautious of unsolicited crypto offers or investments promising unrealistic returns.
3. Romance scams
- How it works: Scammers create fake profiles on dating apps or social media, build trust quickly, and then request money for emergencies or travel. Increasingly, they also convince victims to invest in fraudulent crypto schemes.
- Why they work: Scammers invest time in forming emotional connections, making victims less likely to spot red flags.
- Protect yourself: Recognise the signs: the scammer tries to move the romance quickly; they request lots of personal information but may provide little about themselves; they avoid meeting in person; and they request money.
4. Employment scams
- How it works: Fraudsters target job seekers with fake listings, unsolicited offers, or online interviews. Common tactics include asking for fees, sensitive information, or money for equipment.
- Common schemes:
- Fake job listings requiring upfront payments.
- Fraudulent hiring firms charging screening fees.
- Work-from-home scams demanding funds for equipment.
- Protect yourself: Research companies thoroughly. Avoid offers that seem too good to be true or requests for payments. Legitimate employers will never ask for money to start a job.
5. Travel scams
- How it works: Fraudsters exploit travellers with fake vacation rentals, sham travel agencies, or “too-good-to-be-true” discounts.
- Common tactics:
- Professional-looking websites for non-existent properties.
- Unsolicited offers for free or heavily discounted trips.
- Protect yourself: Verify bookings through official channels. Be wary of unsolicited offers or deals that seem unrealistic.
6. AI-powered scams
- How it works: Generative AI is revolutionising scams, making them more believable. Fraudsters use:
- Phishing emails and texts: AI creates natural-sounding messages impersonating trusted organisations.
- Deepfake videos: Fake endorsements or impersonations of real people.
- Cloned voices: AI-generated voices mimic loved ones or colleagues to request money urgently.
- Notable case: In 2024, a Hong Kong finance worker lost £20 million after fraudsters used deepfake technology to impersonate colleagues.
- Protect yourself: Stay sceptical of unsolicited messages and don’t fall for the “keep it a secret trick”. If a message or request sounds suspicious, reach out to the individual directly using a different, proven method.
7. Phishing scams
- How it works: Fraudsters send messages claiming you owe money, are due a refund, or need to take urgent action. Clicking a link may lead to a fake website designed to steal your information.
- Protect yourself: Avoid clicking on unsolicited links. Verify any claims directly with the organisation.
8. Grandparent scams
- How it works: Scammers call grandparents pretending to be their grandchild in distress, often using deepfake technology to mimic their voice. They request immediate financial help.
- Protect yourself: Verify the caller’s identity by asking questions only your loved one would know. Never send money without confirmation.
Stay one step ahead
Scammers are blending proven tactics with new technologies to create convincing frauds. Protect yourself by staying informed, questioning unsolicited requests, and sharing this knowledge with your loved ones. Empower yourself with awareness – your best defence against fraud.
If you are a victim of fraud
Contact the authorities straight away to file a police report, change your password and inform your key service providers such as your bank, wealth manager and other institutions that may also be impacted.
Report it to Action Fraud at actionfraud.police.uk or on 0300 123 2040.