Your experience makes you savvy — but scammers know exactly how to exploit trust, kindness and uncertainty. Here’s how to recognise the warning signs before it costs you money.
Financial scams can happen to anyone, but criminals often deliberately target older people because they may have savings, pensions, property or investments. Women can also be targeted through scams that exploit relationships, loneliness, family concerns or a desire to help others.
The good news? Knowing the tricks makes you much harder to fool.
🚩 1. You’re being pressured to act immediately
One of the biggest warning signs is urgency.
A caller might tell you that your bank account is under attack, your computer has been hacked, or you must transfer money immediately to keep it safe.
Stop. Don’t be rushed.
A genuine organisation should allow you time to check what is happening.
🚩 2. Someone asks for your PIN or password
Your bank, building society or other legitimate organisation should never ask you to reveal your full password, PIN or security codes.
Be especially suspicious if someone asks you to read out a code that has just arrived on your phone.
Never assume a caller is genuine simply because they know some of your personal details.
🚩 3. The caller says they are from your bank
Bank impersonation scams are particularly convincing.
The caller may know your name, address or other information and tell you there has been suspicious activity on your account.
They might then ask you to move your money to a “safe account”.
That is a major red flag.
If you are worried, hang up and contact your bank using the number on the back of your bank card or another trusted source.
🚩 4. An investment sounds too good to be true
Be wary of promises such as:
- “Guaranteed returns”
- “No risk”
- “Double your money”
- “Exclusive opportunity”
- “You must invest today”
Investment fraud can begin through social media, emails, websites or even seemingly friendly conversations.
Never invest simply because someone has made you feel that you’re missing out.
🚩 5. A new online friend starts asking for money
Romance and friendship scams can be particularly cruel.
Someone may spend weeks or months building a relationship before suddenly needing money for an emergency, medical treatment, travel or another crisis.
They may promise to repay you.
A genuine relationship should never depend on you sending money.
If you’ve never met someone in person and they ask for money, treat it as a serious warning sign.
🚩 6. You receive an unexpected call about your computer
A scammer may claim to be from a technology company and tell you that your computer has a virus.
They may ask you to download software that gives them remote access to your computer.
Never give an unexpected caller remote access to your device or allow them to guide you through installing unfamiliar software.
🚩 7. Someone claims to be a relative in trouble
“Hi Mum, I’ve lost my phone. I’m using this number.”
This type of scam can be extremely convincing.
The scammer may pretend to be your daughter, son or another family member and ask for money urgently.
Don’t rely on the message alone.
Contact the family member using their usual phone number or another trusted method.
🚩 8. You’re told to keep it secret
Scammers don’t want you discussing the situation with anyone who might recognise the fraud.
They may say:
“Don’t tell your family.”
“This is confidential.”
“The police are involved.”
“You mustn’t tell anyone at the bank.”
That’s a huge warning sign.
Real organisations don’t need you to keep suspicious financial instructions secret from your family or trusted advisers.
🚩 9. The message looks official — but something feels wrong
Scam emails and texts can look remarkably professional.
Look for:
- Strange email addresses
- Spelling or grammatical mistakes
- Unusual links
- Unexpected attachments
- Requests for personal information
- Threats that your account will be closed
- Requests for immediate payment
Don’t click the link. Instead, go directly to the organisation’s official website or app.
💡 The “STOP” rule
If you’re unsure, remember:
S — Stop. Don’t transfer money or give information.
T — Take your time. Don’t let anyone rush you.
O — Observe. Look carefully at the message, caller or request.
P — Phone someone you trust. A second opinion can prevent an expensive mistake.
What if you’ve already sent money?
Don’t be embarrassed. Scammers are professionals and their techniques are designed to manipulate people.
Contact your bank immediately and explain what has happened. The sooner you report a fraudulent payment, the better.
In the UK, you can also report fraud to Action Fraud and seek advice from Citizens Advice.
Most importantly, don’t send more money because someone promises they can recover your original money. “Recovery scams” often target people who have already lost money.
⭐ A final reminder
Being cautious doesn’t mean being suspicious of everyone.
It simply means giving yourself permission to pause.
If someone wants your money, personal information or immediate action, you don’t have to decide on the spot.
Hang up. Close the message. Talk to someone you trust. Then check.
That few minutes could save you thousands of pounds.
