Scam Watch
How to spot and avoid common money scams. Most scams work the same way: they rush you, promise something too good to be true, or pretend to be someone you trust. Knowing the pattern is your best protection.
Three rules that cover most of it. Never share your PIN, password, one-time code or card details with anyone. Never pay a fee to "unlock" or "release" money you are told you have won or are owed. And if something promises guaranteed profit, walk away.
Common scams
"Guaranteed" returns
Anyone promising fixed or risk-free profits, or offering to double your money fast, is not telling the truth. Real investments can lose money.
Pyramid and "easy money" schemes
You are asked to pay in and then bring in friends, and the money comes mainly from new people joining. These schemes collapse and the latest members lose everything. Be careful with any group that pays you for recruiting.
Phishing and fake sites
A text, email or social post sends you to a copy of your bank's website. You type your login and they take your money. Type the bank's address yourself or use its official app.
Fake "bank" or "support" calls
Someone calls, says there is a problem with your account and asks for a code sent to your phone. A real bank will never ask for your PIN, password or one-time code.
Prize and lottery messages
You are told you have won something you never entered, then asked to pay a fee or "tax" first. Real prizes do not cost money to collect.
Fake loans
An offer of a loan with no checks, if you pay a fee in advance. The loan never comes. Check any lender is regulated before you share documents.
Online relationship scams
Someone you met online builds trust over weeks and then needs money, or shares an "investment tip". The platform is fake and the money is gone once you send it.
Recovery scams
After you lose money, someone offers to get it back for a fee. They are often the same scammers. Do not pay.
Red flags
- Pressure to act now, or a countdown timer.
- Guaranteed profits or "no risk".
- Someone you do not know contacts you first, especially by direct message.
- You are asked for a PIN, password or one-time code.
- You are asked to pay a fee before you can receive money.
- You are told to keep it secret, or not to tell your bank or family.
- A website address that is almost right, with a misspelled name or an odd ending.
Good habits
- Slow down. A real opportunity will still be there tomorrow.
- Hang up and call the number on the back of your card.
- Turn on alerts and two-factor sign-in on your banking apps.
- Check that a company is regulated before you invest. See the News page for the official bodies.
- Only put in money you could afford to lose.
If something goes wrong
- Stop sending money, even if they say one more payment will fix it.
- Contact your bank right away and ask what it can do.
- Keep screenshots, account numbers, receipts and messages.
- Report it to the police. You can also report to the regulator for the kind of business involved.
General information, not legal or financial advice.