{"id":2066,"date":"2026-09-02T10:37:00","date_gmt":"2026-09-02T09:37:00","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=2066"},"modified":"2026-09-02T10:45:52","modified_gmt":"2026-09-02T09:45:52","slug":"5-common-scams-you-need-to-be-aware-of","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/5-common-scams-you-need-to-be-aware-of\/","title":{"rendered":"5 common scams you need to be aware of"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In last month\u2019s article, you read about why it\u2019s often more difficult than you expect to identify scams. With the amount of money lost to fraud rising, being aware of common types of scams could mean you\u2019re in a better position to spot the warning signs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/www.ukfinance.org.uk\/system\/files\/2026-06\/UK%20Finance%20Annual%20Fraud%20Report%202026.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">UK Finance<\/span><\/a><span style=\"font-weight: 400;\"> (15 June 2026), \u00a31.28 billion was lost to fraud in 2025, an increase of 4% when compared with 2024. There were 4.06 million confirmed cases of fraud in 2025, which fall into two broad categories, both of which may affect individuals.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Unauthorised fraud:<\/span><\/i><span style=\"font-weight: 400;\"> This occurs when the account holder doesn\u2019t provide authorisation for the payment to proceed. Instead, it\u2019s carried out by a third party. For example, this could happen if a criminal accesses your bank details and is able to make fraudulent purchases.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Authorised fraud:<\/span><\/i><span style=\"font-weight: 400;\"> With authorised fraud, the victim is tricked into sending money to the scammer. They might believe they\u2019re sending money to their bank or are investing in a genuine opportunity.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Falling victim to a scam could harm your financial security. The long-term effects often go beyond finances too. Some victims may find the fraud has an emotional impact, such as affecting their confidence or ability to trust people.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are five common scams you should be aware of.\u00a0<\/span><\/p>\n<p><b>1. Phishing and smishing<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Every day, you likely receive dozens of emails. You might quickly scan them before clicking on a link or downloading an attachment \u2013 something scammers seek to exploit through phishing scams.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With this type of scam, fraudsters send messages that appear to be from genuine organisations, such as a bank or retailer, to obtain your personal details or download a virus onto your computer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Smishing works in a similar way but happens via a text message.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you click a link or download an attachment, consider whether it\u2019s a communication you were expecting and check who has sent it. If you\u2019ve accidentally clicked on a phishing or smishing link, changing your login details or freezing your accounts as soon as you realise could prevent criminals from accessing your assets.\u00a0<\/span><\/p>\n<p><b>2. Investment scams<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Investment scams can take many forms, from fake social media adverts to a phone call that appears to relate to a genuine investment opportunity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to figures from the <\/span><a href=\"https:\/\/www.reportfraud.police.uk\/uk-victims-lost-2-4-million-a-day-to-investment-fraud-in-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">City of London Police<\/span><\/a><span style=\"font-weight: 400;\"> (7 April 2026), victims of investment fraud collectively lost \u00a3879.8 million in 2025 \u2013 the equivalent of \u00a32.4 million a day. Criminals reportedly exploited economic uncertainty, unstable markets, and highly convincing online platforms to dupe their victims.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes fraudsters will deliver a return on your initial \u201cinvestment\u201d to tempt you to hand over larger sums.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re contacted out of the blue about an investment, this should act as a warning bell. In addition, remember that it\u2019s impossible to guarantee returns, and if the opportunity seems too good to be true, it probably is.\u00a0<\/span><\/p>\n<p><b>3. Pension scams<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Pensions are often among the largest assets people own, and the rules around them can be confusing. Indeed, a survey carried out by the <\/span><a href=\"https:\/\/maps.org.uk\/en\/media-centre\/press-releases\/2025\/nearly-eleven-million-uk-adults-are-too-busy-or-confused-to-think-about-their-pension\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Money and Pensions Service<\/span><\/a><span style=\"font-weight: 400;\"> (5 November 2025) found that 22.5 million UK adults do not understand enough about their pensions to make decisions about retirement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, pensions are attractive to fraudsters. By posing as a financial professional, they may convince people to hand over significant amounts that they\u2019ve set aside for their retirement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pension scammers might offer a free pension review, claim they could help you secure higher investment returns, or suggest they could help you access your pension sooner to fund an early retirement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Again, you should be cautious if you\u2019re contacted out of the blue. Your financial planner could help you better understand your pension, making it easier to recognise bogus opportunities.\u00a0<\/span><\/p>\n<p><b>4. Romance fraud<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The number of reported romance fraud cases has risen sharply. More than 10,700 cases were reported to <\/span><a href=\"https:\/\/www.reportfraud.police.uk\/romance-fraud-costs-uk-victims-102-million\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Report Fraud<\/span><\/a><span style=\"font-weight: 400;\"> (5 May 2026) in 2025, a rise of 29% when compared to the previous year. The average victim lost \u00a39,500. In severe cases, individuals reported losing up to \u00a31 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Often using online platforms to make initial contact, fraudsters will build a fake relationship before asking for money. As this type of scam often lasts months or years, victims may come to trust the fraudster and develop a genuine emotional connection with them. The scammer may further manipulate emotions by claiming the money is needed to cover medical expenses, support their family, or pay for plane tickets so they can meet in person.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The nature of this type of fraud often means it has devastating emotional consequences for victims as well as a financial impact.\u00a0<\/span><\/p>\n<p><b>5. Vishing<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Finally, vishing is when a scammer phones you and pretends to be from your bank, building society, or government organisation. By gaining your trust, they may convince you to share personal details or transfer money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technology is making it easier for criminals to carry out convincing vishing scams. For example, number spoofing could make the caller ID appear genuine.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you weren\u2019t expecting a call or something sets your alarm bells ringing, hang up. Use official websites to verify the contact details, then get in touch directly. A genuine professional will understand why you\u2019re being cautious.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Financial Conduct Authority maintains the <\/span><a href=\"https:\/\/register.fca.org.uk\/s\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Financial Services Register<\/span><\/a><span style=\"font-weight: 400;\">, which includes the contact details of authorised firms that you can use.\u00a0<\/span><\/p>\n<p><b>We could help you identify signs of a scam<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Sometimes, a second pair of eyes can highlight a warning sign of a scam that you\u2019d previously overlooked. If you receive financial communications that you\u2019re unsure about, we\u2019re here to help you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next month, read our blog to discover the essential tips that could help you avoid falling victim to a scam.\u00a0<\/span><\/p>\n<p><b>Please note:<\/b> <b>This article is for general information only and does not constitute advice. The information is aimed at individuals only.<\/b><\/p>\n<p><b>All information is correct at the time of writing and is subject to change in the future.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In last month\u2019s article, you read about why it\u2019s often more difficult than you expect to identify scams. With the amount of money lost to fraud rising, being aware of common types of scams could mean you\u2019re in a better position to spot the warning signs.\u00a0 According to UK Finance (15 June 2026), \u00a31.28 billion [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1303,1593],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 common scams you need to be aware of - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"The amount of money lost to fraud is on the rise. 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