The methods that criminals use to execute financial scams are always evolving as they take advantage of new technology. For example, you’re unlikely to receive post through the letterbox trying to hook you into a scam, because criminals have moved on to email.
If you want to protect yourself from financial scams, it’s important that you stay up to date with the latest developments, so you know what to watch out for.
Here are five of the most common financial scams to watch out for in 2026.
1. Deepfake investment scams
Investment scams are a common way that criminals will get you to part with your money, and their methods have changed a lot over the years.
Previously, you might have received a phone call from somebody telling you about a once-in-a-lifetime investment opportunity.
These days, you’re more likely to be contacted on social media, possibly by somebody you recognise.
This is because scammers use “deepfakes” – convincing video or audio recreations – to push fraudulent investment schemes on social media.
In recent years, the images of well-known figures such as Martin Lewis or even the prime minister have been used to hook unsuspecting investors.
That’s why you and your family must be cautious about any investment opportunities or advice you find online, no matter how legitimate they appear.
If you want to explore new investments, discuss this with your financial planner instead of following possibly fraudulent advice online.
2. AI voice cloning scams
“Hi Mum” scams have become more frequent recently. This method involves scammers sending you a message claiming to be a family member – often a child – in a distressing situation and in need of money. The scammers encourage you to send money to a bank account to help your child.
Fortunately, as people become more vigilant, it’s harder for criminals to convince victims that a message from an unknown number is really from a loved one.
However, scammers have responded by using AI voice cloning technology to adapt their methods.
This means, instead of a message, you could receive a phone call from somebody who sounds very much like a loved one. If you’re unaware that this technology exists, it’s very easy to fall for this scam.
If you ever receive a phone call or voicemail from someone asking for money, it’s important to confirm it is truly them. You might ask specific questions that only they would know the answer to. Alternatively, you can hang up the phone and call them back to ensure you are speaking to the right person.
3. Tap-to-pay fraud
As cash use declines, we are becoming more accustomed to using contactless technology to pay for things with a quick tap.
Charities that previously relied on cash payments are increasingly using contactless card machines to collect donations.
Scammers saw this as an opportunity and may pose as charity collectors at events or in the street. When you tap the machine, expecting to make a small donation of around £5, it will take a much larger amount. Alternatively, they may scan your details and use this to access your bank accounts later.
If you’re concerned about this, it’s best to avoid making donations to collectors with a card machine. Instead, give money directly to the charity by looking them up online and making a bank transfer.
4. Remote purchase fraud
Remote purchase fraud is when scammers gain access to your card details and use them to make purchases online or over the phone. This is one of the most common types of fraud in the UK.
There are many ways that scammers can obtain your details, including:
- “Phishing emails” that encourage you to share information
- Cloning your card from a modified cash machine or card payment machine
- Scraping your details when you input them into a fake website.
To prevent push payment fraud, you must follow good online security practices.
Read more: 5 cybersecurity tips to protect you online
Being cautious about where you enter your card details, avoiding clicking links in emails, and activating additional layers of security on online accounts are all good ways to protect yourself.
5. Recovery fraud
Scammers are ruthless in their approach and often target those who have already fallen victim to one of their schemes.
This is known as recovery fraud.
After you have been scammed once, they might contact you again, claiming to be lawyers or representatives of the Financial Conduct Authority (FCA), telling you they can recover some or all of your lost money.
Unfortunately, this is a ploy to get you to share more sensitive information about bank accounts or pensions, so they can take even more of your wealth.
If you have been the victim of a scam, it’s important to speak to the police and go through the official channels to recover your money, if possible. If you receive unsolicited calls from those offering to help, refer to the police for advice and never share sensitive information over the phone.
Get in touch
If you are ever unsure about something related to your finances, check with us and we can help you avoid scams.
Please contact us at hello@ardentuk.com or call or WhatsApp us on 01904 655 330. As an award-winning financial advice company with advisers included in the 2025 VouchedFor Top Rated guide, we can assure you that we’re a bona fide company providing excellent advice and high-quality service.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.