Money scams cost Britons £1.28bn a year – Unbiased
The financial advice platform said fraudsters were increasingly using fake investment opportunities, impersonation tactics and AI-generated content to target consumers.
Money scams are costing people across the UK more than £1.28bn a year, with investment and pension fraud among the most financially damaging types of scams, according to Unbiased.
The financial advice platform said fraudsters were increasingly using fake investment opportunities, impersonation tactics and AI-generated content to target consumers through everyday digital platforms.
Some 66% of authorised push payment (APP) fraud cases originate online, with scams increasingly beginning through texts, calls, social media and messaging platforms.
Britons lost more than £897m to investment and pension scams last year, according to industry data cited by Unbiased, with people aged between 55 and 64 suffering the greatest financial losses.
Investment fraud accounted for £879.8m of reported losses in 2025, making it one of the most costly forms of fraud.
Fraudsters can impersonate legitimate investment firms or advisers and offer investments promising high returns with limited risk.
The latest detailed breakdown, covering 2024, found cryptocurrency accounted for 66% of investment fraud reports.
Pension scams can involve consumers being encouraged to transfer their retirement savings into fraudulent schemes or access pensions through illegitimate offers.
Figures from The Pensions Regulator cited by Unbiased showed pension fraud losses reached £17.5m, with victims losing around £34,000 on average.
Other common methods include impersonation scams, where criminals pose as banks, HMRC, utility providers or the police and pressure victims into transferring money or providing personal information.
Unbiased also highlighted the growing use of artificial intelligence to create realistic voice notes, videos and messages, alongside purchase scams and WhatsApp scams in which fraudsters impersonate family members.
Tim Grimsditch, managing director at Unbiased, encouraged consumers to pause before responding to unexpected financial requests, independently verify who they are dealing with and check that firms and advisers are authorised by the Financial Conduct Authority (FCA).
He also advised consumers to consider regulated financial advice before transferring pension savings or investing large sums of money.
Grimsditch said: “The scams causing the greatest financial damage aren’t usually small purchase scams; they’re investment and pension scams that can wipe out years of carefully built savings.
“What’s particularly concerning is that the people suffering the biggest losses are often those approaching retirement or managing significant assets for the first time.”
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