Investment scammers stole more than £97 million of savers’ cash in the first half of 2025, according to industry body UK Finance.
Consumers were tricked into handing over their money through cold calls, adverts on social media and even physical letters posted through doors.
The £97 million figure is a 55% rise on the same period in 2024, when £63 million was taken from unsuspecting victims.
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Separate figures from Santander reveal £39.7 million has been stolen from its customers through investment scams so far in 2025, up from £32.7 million across 2024 - an increase of more than 20%.
Santander’s head of fraud risk management, Chris Ainsley, said: “Scammers are becoming increasingly sophisticated at making fake opportunities appear genuine.
“Whether through social media ads, cold calls, or even impersonating legitimate financial advisers, their goal is simple: to steal your hard-earned money.”
What is an investment scam?
A fraudster running an investment scam will attempt to persuade you to pay money into a fake fund or investment scheme.
Their methods of persuasion vary.
Cold callers may contact you with an offer to invest in an opportunity that is only available for a limited period. This creates urgency and encourages you to act quickly before thinking it through.
Social media adverts promising returns often use fake images and quotes from celebrities to try and legitimise the scheme.
A major red flag is if you are told you will get guaranteed returns by investing, for example in gold, by the ‘salesperson’.
If you fall for the ruse and transfer money into the fictitious scheme or fund, you are in fact paying money into the criminal’s account.
As soon as the money has been received, the scammer will quickly transfer your savings to numerous different accounts which could be overseas making it harder to trace, before eventually it is withdrawn.
Top investment scams to be aware of
Criminals use various methods to part you from your savings – here are five of the top scams to look out for.
1. Crypto-currency scams
Fraudsters are taking advantage of the hype around cryptocurrencies like Bitcoin.
These scams often involve fake investment opportunities promising high returns with little or no risk.
Scammers create professional-looking websites, often using social media ads on platforms like Instagram and Facebook to lure victims.
They can sometimes include images of well-known faces and made-up testimonials to make them seem trustworthy.
2. Pension scams
Pension scams often involve fraudsters trying to persuade you to transfer your pension pot or release funds from it into an illegitimate account.
Victims will often be offered a guaranteed return on their retirement savings and targeted by high pressure sales tactics like cold calls.
According to Action Fraud, £17.5 million was stolen by fraudsters through pension scams in 2024. The average loss for each victim was £34,000.
3. Clone firm scams
Clone firms try to convince the consumer they are authorised and registered by the regulator the Financial Conduct Authority (FCA), tricking you into transferring money across.
They often try to use the name and address of a genuine firm, or may even copy its ‘Firm Reference Number’.
However, a clone firm’s details will often be slightly different to the legitimate firm’s.
For example, it might use the website address of an authorised firm but have a different phone number to the one registered on the FCA’s website.
A major red flag of a clone firm is one that contacts you unsolicited, either through a cold call or a message on social media.
The FCA’s website has a four-step approach you can take to check a firm is actually legitimate:
1. Search for the firm by name via its ‘Firm Checker’ tool.
2. Select the product or service you’re looking for.
3. Check that the firm is authorised and has permission for the product or service you selected.
4. Check the firm's contact details listed on the Firm Checker and make sure they match the contact details you've been given. If there aren't any contact details listed on the Firm Checker, or the firm says they’re out of date, call 0800 111 6768.
You can also check if a firm is legitimate through the Companies House website.
It comes after the FCA officially launched the Firm Checker tool in December 2025, which it said could significantly reduce the chances of people falling victim to fraud.
The watchdog said around 800,000 people are suspected to have lost money to investment scams or pension-related fraud in the 12 months to May 2024. The findings were extrapolated from a survey of 17,950 people, representative of all UK adults.
Sheree Howard, executive director of authorisations at the FCA, said: “Ruthless fraudsters are constantly evolving their tactics so they can steal money from innocent victims.
“Whether you’re considering an investment, pension opportunity, loan or other financial service, use Firm Checker to confirm the firm is authorised and help fight financial crime.”
4. Boiler room scams
Boiler room scams involve high-pressure sales tactics to sell worthless or non-existent investments. They are named so because historically these scam telemarketing campaigns were run by teams out of boiler rooms or basements.
Scammers often cold-call potential victims, offering exclusive investment opportunities with high returns.
They may use persuasive techniques and create a sense of urgency to pressure victims into investing.
Last year, a boiler room scam ring leader who stole £12 million from 310 savers was jailed for five years.
Cryptocurrency, commodities and shares were among the fake opportunities the team sold. None of the money invested ended up in any of the schemes.
5. Property investment scams
Property investment scams promise high returns from investments in real estate projects.
These scams may involve fake property developments, rental schemes, or timeshares.
Scammers often use glossy brochures, professional websites, and convincing sales pitches to lure victims.
Victims are also enticed to part with their cash after attending a free presentation on how to make money from property investment.
At the end of the sales spiel, attendees are told that to sign up to the scheme they must first hand over a joining fee. Once the fee is paid, no further contact is made.
How to avoid investment scams
There are a number of ways you can protect yourself from falling victim to investment scammers, said Ainsley.
You should check if a firm offering you investment opportunities is authorised by inputting its details on the FCA’s Firm Checker tool. If it doesn’t show up, it means it’s not regulated and probably shouldn’t be trusted.
Make sure you thoroughly research a company or firm that has approached you offering you investment opportunities, whether that be through social media or over the phone. You might consider speaking to a financial adviser as well.
Never download software or apps allowing someone remote access to your devices, including your computer, laptop, tablet or phone. Scammers may use this opportunity to steal personal or financial information from you.
Be wary of texts, emails or website links, especially any containing spelling errors and extra punctuation.
Lastly, if something seems too good to be true, it most likely is. If a salesperson is offering you above-market returns on an investment, always question them.
Can I get my money back from an investment scam?
In some instances you may be able to get some or all of your money back after being lured into an investment scam. According to UK Finance, in the first six months of 2025, of the £97.7 million that was stolen from consumers through this type of scam, £47.3 million (48%) was returned by banks, building societies and other financial institutions.
In October 2024, rules were set by the Payment Systems Regulator, the body that regulates payment systems in the UK that apply to reimbursing victims of fraud whereby the consumer has authorised the transfer of money from their account. This is called Authorised Push Payment fraud.
Certain transactions aren’t covered however, such as payments made to overseas bank accounts or payments made by debit and credit cards.
How to report investment scams
It is vital to act quickly if you think you have been a victim of investment fraud. The sooner you report it to the bank or building society that holds the account you have transferred the money from, the more chance it has of recovering your cash.
Most institutions have a dedicated fraud team on hand to help quickly.
To try and get your money back, you must report the fraud to your bank no more than 13 months after the last fraudulent payment was made.
You should also report the scam to Action Fraud using its online form. This will help stop the perpetrators from scamming other people.
The FCA also has a consumer helpline for reporting fraud: 0800 111 6768. Find more information and guidance on the Take Five to Stop Fraud website.
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