True lifelong financial planning for the serious business of life.
True lifelong financial planning
for the serious business of life.
True lifelong financial planning for the serious business of life.
True lifelong financial planning
for the serious business of life.
Category: Financial Planning
AI is changing the world at a rapid pace, and unfortunately, fraudsters are finding ways to use the technology to make their scams more convincing.
Fraud is already a major problem in the UK, and it is getting worse. In 2025, the value of investment fraud reached a record £221.5 million, with victims losing more than £14,800 on average, according to a UK Finance report.
AI can make familiar scams much harder to spot, and a convincing voice, email, or video can make it much easier for a fraudster to gain your trust.
Read on to discover four common AI scams to be aware of, along with some practical steps you can take to protect yourself.
AI can now imitate someone’s voice using a small amount of audio. A scammer could potentially take a recording from social media or a video and use it to create a convincing imitation.
How it works
One common example is the “family emergency” scam. This involves receiving a call from someone who sounds exactly like your family member, claiming they’ve lost their phone, been in an accident, or are in an emergency and need you to send them money. The name and number displayed on your phone could even match theirs.
The same technology could potentially be used to impersonate someone you trust professionally. For example, you could receive a call that appears to come from your financial adviser asking you to transfer money to a new account.
How to avoid it
Even if the voice sounds familiar, do not assume the caller is who they claim to be. Take a moment to think about what you are being asked to do, and if necessary, end the call and give yourself time to work out whether the request is genuine.
Try verifying their identity using a different method. For example, you could hang up and call them back using the number already saved in your phone. Or ask questions only they could know the answer to.
AI can also help fraudsters produce convincing emails. Traditional scam emails were often relatively easy to spot because of poor spelling, awkward phrasing, or strange formatting. That is no longer necessarily the case.
How it works
A scammer might create an email that appears to come from your bank, financial adviser, or another trusted individual or organisation you deal with. It might use the same branding and language, and give you a convincing reason to take action.
For example, you might receive an email apparently from your financial adviser saying that new bank details are being used for an upcoming payment. The message may look completely professional and ask you to transfer money to the new account.
How to avoid it
No matter how convincing an email looks, do not use the contact details or links contained within it to verify the request. Contact the organisation separately using a phone number or website you already know to be genuine.
Never give away sensitive information, such as PINs or security codes, to anyone via email or over the phone.
Deepfake technology can be used to create realistic videos or audio recordings of people saying things they never actually said. This can be particularly dangerous when it comes to investment scams.
How it works
Fraudsters may impersonate celebrities, businesspeople, financial professionals, or other trusted figures and make it appear as though they are endorsing an investment opportunity.
For example, you might see a video of a well-known public figure explaining how they supposedly made substantial returns from a particular investment. The video may look authentic and be accompanied by a link to a website where you are encouraged to invest.
How to avoid it
If someone appears to be recommending an investment, do not rely on a video, social media post, or online advert alone.
Check whether the opportunity is genuine and whether the firm offering it is authorised to provide financial services in the UK. You can do this by using the FCA Firm Checker.
Fraudsters have long created fake websites to imitate genuine businesses, and AI can make it easier to produce convincing versions quickly.
How it works
A fraudulent website could be designed to look like the website of a bank, investment company, or financial planning firm, containing professional text, images, and branding.
You might find the site through a social media advert or email and be asked to enter your personal details or card information.
How to avoid it
Before entering sensitive information or making a payment, check that you are dealing with the genuine organisation. Do not assume a professional-looking website is legitimate just because it appears in search results.
Some fake websites will look very similar to the legitimate ones they are imitating, so double-check that there isn’t another site for the organisation you are supposedly dealing with.
While the technology may be becoming more sophisticated, the underlying tactics of scammers have not changed.
Be particularly wary of:
These warning signs are important because they can reveal a scam even when the technology behind it is convincing.
If you’ve been scammed:
Email [email protected] or call us on 01625 466360.
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.
If you’d like more information about this article, or any other aspect of our true lifelong financial planning, we’d be happy to hear from you. Please call +44 (0)1625 466 360 or email [email protected].
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