How to recover and stay protected after fraud
3 minute read
How to recover and stay protected after fraud
3 minute read
Fraud is one of the fastest-growing crimes in the UK. Anyone can be targeted, but over 50s are often singled out when it comes to financial fraud. Criminals know many in this age group have worked hard, saved carefully and may not always spot the latest scams.
Scammers are always coming up with new ways to get their hands on your money.
They will use recent events to trick people who are worried about rising bills by sending texts or emails about energy rebates or government payments. These messages link to fake websites that steal bank details. They often sound urgent to make you act fast.
Research from the charity Independent Age shows that older scam victims lose an average of almost £4,000 each. But the harm isn’t just about money. Almost a third (31%) of over 65s said fraud affected their mental health. And more than one in ten (12%) said it hurt their physical health too1.
These figures show why acting quickly in reporting a scam is so important. Fast action can limit the damage, help recover your money and protect others. At Coventry Building Society, we’re here to help you do just that.
What to do if you suspect fraud
1. Stop contact
- If a call, email or message feels suspicious, stop replying straight away.
- Don’t share personal or bank details.
- Never click on links or open attachments you don’t trust.
- If someone says they are from your bank, the police or another official group but you are unsure, hang up or close the message.
2. Get in touch
- If you notice a strange payment or think your account may have been used fraudulently, call us right away or visit a branch.
- Our Fraud team may be able to stop payments or they can freeze your account. They will also guide you through the next steps.
- The sooner you get in touch, the better your chance of reducing any loss and where possible the process of recovering your money can begin.
3. Report it
- Report any scam, even small ones, to Action Fraud. They are the UK’s national centre for reporting fraud and online crime. You can contact Action Fraud on 0300 123 2040.
- Your report helps the police track scams and protect others.
- Depending on the type of fraud, you can report it by contacting your local police, non-emergency helpline 101 or Trading Standards.
- If you’re in danger or are being threatened, contact the police.
4. Gather evidence
- Keep all messages, emails, letters and screenshots from the scammer.
- Write down dates, times, names, phone numbers and email addresses.
- If you made a payment, keep bank statements, receipts or other records.
- These details will help the police, your bank and fraud investigators.
- It’s important to never put yourself at risk of harm or injury while gathering evidence.
5. Strengthen your defences
- Change your passwords. Make sure each one is strong and unique. For example, they should not be too short, at least 12-16 characters long, a combination of uppercase and lowercase letters, have numerical numbers, and special characters. Avoid using personal information, common words, or reusing passwords across different accounts.
- Update your social media settings so only those you trust can see your posts.
- Turn on two-step verification where you can.
- Install or update antivirus software on your devices.
- Avoid using public Wi-Fi for online banking or making payments for purchases
- Ask a family member or friend to help if you’re unsure how to secure your phone or computer.
- Check your credit report often for any unusual activity.
6. Don't be embarassed
- It’s normal to feel upset or ashamed. Fraudsters use fear, pressure and emotional tricks – anyone can fall for them.
- What matters most is what you do next. Acting fast, getting help and reporting the fraud can make a real difference.
- Talk about it. Sharing your story can ease the stress and warn others to stay safe too.
Remember, you are not alone
At Coventry Building Society, your safety and peace of mind come first. We know how hard you’ve worked for your savings and we’ve built strong systems to help protect them.
We’ve got lots of information on our website about online scams and common fraud. Take some time to have a read or download our fraud guide for more details. And if you ever suspect fraud, tell us. We’re here to help you act quickly, limit harm, recover what we can and support you through it.
Together, we can fight fraud, protect your savings and keep our community safe.
Sources:
[1] Source - New data shows online scams cost older people an average of £4,000 | Independent Age
Published November 2025
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Fraud costs UK consumers billions each year. Don’t be a victim—learn how to spot scams, secure your money, and protect your future savings.
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Fraud in Britain: How to protect your savings
Fraud costs UK consumers billions each year. Don’t be a victim—learn how to spot scams, secure your money, and protect your future savings.
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