More people turn to the internet for money guidance. That makes it easier for criminals to slip bad advice, fake offers and outright fraud into everyday searches and social feeds.
Online money tips are on the rise – and not always safe
Social media, search engines and AI tools have become go-to sources for financial information. One study found that four in ten UK investors used social media to support money decisions in the last two years¹. Around one in eight followed ‘finfluencers’ on platforms like Instagram, TikTok and Facebook¹.
The catch? Much of this content sits outside regulation. That means it may be misleading, one-sided or created to push risky or fake investments.
The regulator is responding. In 2024, the Financial Conduct Authority (FCA) shut down or blocked more than 1,600 unauthorised websites². It also worked with firms such as Google and Apple to remove over 50 scam investment apps².
The real cost to consumers
Action from the FCA has increased rapidly. In 2024 alone, almost 20,000 financial promotions were changed or taken down for breaking the rules². Just three years earlier, the figure was under 600².
Despite this, many people had already lost money. One major UK bank found that over half of adults who followed financial advice on social media ended up worse off³.
These aren’t small mistakes. For some people, scams mean serious financial stress and long-term loss.
Fake organisations and copycat scams are increasing
Impersonation scams are growing fast. Criminals now pose as trusted names, including banks, investment firms and even the FCA itself.
Impersonating the FCA is one of the fastest-growing scam types. In the first six months of 2025, the regulator received 4,465 reports of these scams. Nearly 500 people lost money as a result⁴.
The FCA is clear. It will never:
- Ask you to hand over money
- Request your bank details
- Ask for passwords or PINs
- Contact you via WhatsApp, other messaging apps or automated calls
If someone claims to be the FCA and contacts you out of the blue, be cautious and don’t engage.
Simple steps to protect yourself
Scams can catch anyone out, including seasoned investors. A few sensible habits can make a big difference:
- Pause and check. Search the FCA Register before dealing with any firm or offer.
- Be wary of surprises. Unexpected messages, links or pressure to act fast are red flags.
- Use regulated advice. A qualified adviser helps you make decisions that fit your long term plans, not short term hype.
You can also find practical guidance on spotting and avoiding scams on the FCA’s website: www.fca.org.uk/consumers/protect-yourself-scams
We’re here to support you
Staying informed is one of the strongest defences against fraud. If an offer sounds off, or you’re unsure about something you’ve seen online, speak to your financial adviser before taking action.
They’re there to help you make clear, confident decisions and protect your financial future.
The value of investments can fall as well as rise, and you may not get back what you invest. Past performance isn’t a reliable guide to future results.
Sources
¹ Fidelity: Investors turning to social media for financial advice | PA Adviser
² FCA closes 1,600 websites as it fights financial crime | FCA
³ Over half of those who have acted on social media financial advice have lost money | TSB Bank
⁴ Almost 5,000 fake FCA scams reported in first 6 months of 2025 | FCA
