Fraud in Britain: How to protect your savings
3 minute read
Fraud in Britain: How to protect your savings
3 minute read
Fraud is happening more often in the UK. Every year it costs people and businesses billions of pounds.
Fraud is the most common crime in England and Wales, accounting for 41% of all crime according to the Crime Survey for England and Wales.
In 2023, it was estimated that fraud scams cost the UK economy £219 billion1. It was estimated at the time that £8.3 billion was the result of fraud against individual people and their personal finances.
Scams can come in many forms. Online, over the phone, by email or post, via identity theft or even in person at your door. Most people think they would never fall for a scam. But the truth is that anyone can be tricked.
National Trading Standards discovered that on average, victims of fraud lost £1,730, with less than 32% of people reporting the crime to authorities2.
Some people feel embarrassed or unsure what to do. But don’t worry, we’re here to help.
Common types of scams
Criminals are smart. They are always finding new ways to try and trick you into giving away your money or personal information. The good news is that you can protect yourself once you know what to look for.
If you can recognise an email that looks odd, a phone call that sounds suspicious, or an offer that sounds too good to be true, you’ll be much less likely to fall for a scam.
What are some of the most common scams?
- Impersonation: People pretending to be from a trusted organisation.
- Phishing: Fake emails or texts that try to steal your personal details.
- Quishing: Fake QR codes.
- Romance scams: Scammers trick people into sending money by playing on their feelings.
- Investment and pension scams: Using fake websites, documents, or celebrity endorsements.
- Ticket fraud: Selling fake or invalid tickets for concerts and sports events.
- AI scams: Scammers copy voices to sound like a friend, family member or bank worker.
- Rogue traders: Dishonest tradespeople who trick people into unnecessary or poor-quality work.
Why people over 50 are targeted
People over 50 are appealing to criminals looking to make as much money as possible from their scam activity. Scammers will target their financial fraud at the over 50s to improve the potential of making as much money per scam as possible, hoping they are not as tech savvy or educated in scam activity as the under 50s.
People in their 80s and 90s, who have grown up with a slower rate of technological advances than in recent decades can often find new technology confusing. Online scams, fake websites and text messages can be harder to spot due to a decrease in knowledge and experience dealing with newer scam tactics and advances.
Big life changes, such as retiring, moving house or losing a partner, can also make people more susceptible to scams.
Loneliness is another reason criminals target people. Romance scams often start with someone pretending to be kind or caring. But their goal is to steal money.
While anyone can be scammed, people over 50 can be targets of scams resulting in financial loss. Knowing the warning signs and taking time to check things can help keep you safe.
Five steps to protect your money
- Take your time. Pause before paying or making any financial decisions, especially if you feel rushed.
- Check requests carefully. Contact your bank or service provider using official phone numbers or websites.
- Keep devices secure. Use updates, antivirus software, and two-factor authentication.
- Be careful with calls and messages. If you get an unexpected call or text, call back on a number you know using a safe line, or speak in person.
- Invest safely. Only put money into firms registered with the FCA. You can also check the FCA ScamSmart tool which contains a warning list of concerning firms.
How Coventry Building Society protects it’s members
- Our security is strong and easy to use. This includes two-factor verification and biometrics.
- Coventry Building Society is part of the UK’s <<APP Fraud Reimbursement Scheme. This scheme makes sure members can be reimbursed for losses up to £85,000>>.
- Our systems also monitor accounts in real time to look for unusual activity.
If something feels wrong then stop, check and ask. Contact us immediately if you suspect fraud. Together, we can make Britain a harder target for fraudsters.
Sources:
[1] Source - Fraud costs the UK economy billions each year
[2] Source - 19 million lose money to scams but fewer than a third report - National Trading Standards
Published November 2025
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