Being aware of financial scams is important for everyone, but how many people in the UK have already been affected, and how confident are we in spotting fraud in the future?
To learn more about the nation’s experiences with financial fraud, we surveyed 2,000 UK adults to understand the true impact of financial scams. The research takes a closer look at how scams affect people in the UK, which ones are most common, who they tend to target, and how much money has been lost as a result.
How many Brits have been affected by financial scams?
Over one in five (21%) Brits say they have been personally affected by a financial scam, with another one in five (20%) reporting they’ve had a close call. In fact, almost half of people (48%) are unsure whether they have ever been scammed, highlighting how easily scams can go unnoticed and the importance of staying vigilant when managing money online.
Our findings suggest that experiences of financial scams vary by location. Manchester respondents reported the highest rate (27%), followed by London 26%. Respondents in Glasgow, Sheffield and Edinburgh were least likely to experience financial scams (9% each).
The cities that reported being affected by financial fraud;
Ranking | City | % that have personally fallen victim to a financial scam |
1 | Manchester | 27% |
2 | London | 26% |
3 | Nottingham | 25% |
4 | Cardiff | 24% |
4 | Liverpool | 24% |
5 | Belfast | 23% |
Most common types of financial scams reported in the UK
Results show that online shopping is the most common type of scam (21%), followed by scams originating on social media platforms (18%) and advanced fee fraud (15%), where you’re persuaded to pay an upfront fee for a service or goods.
Rank | Type of scam | % that experienced this scam |
1 | Online shopping fraud | 21% |
2 | Social media scam | 18% |
3 | Tricked into paying an upfront fee for a service or goods (Advanced fee fraud) | 15% |
4 | Phone call | 14% |
5 | Text or messaging app scam | 13% |
6 | Crypto or investment scheme | 12% |
6 | Someone pretending to be a service provider such as phone provider etc. (Impersonation) | 12% |
6 | Phishing / fraudulent email | 12% |
7 | Someone pretending to be from a bank (Impersonation) | 11% |
8 | Romance or relationship fraud | 9% |
Almost a third (30%) of scams began after someone clicked on an advert or link, which shows just how quickly and easily fraud can occur. A further 28% came from fake company or brand accounts, and 24% involved someone impersonating a trusted contact. Interestingly, 5% of Brits can’t recall how the scam they were affected by began.
44% of Brits initially feel angry after being a victim of fraud
Our survey shows that people feel a range of emotions after experiencing a financial scam. The most common was anger, with over two-fifths (44%) saying they felt this when they realised what had happened. Others reported feeling embarrassed (34%), anxious (26%) or ashamed (26%). Encouragingly, almost a quarter (24%) said the experience motivated them to warn others, and some felt relieved that the situation hadn’t escalated further.
The findings show a clear pattern between major shopping periods and the number of people falling victim to financial scams, with 15% targeted around Christmas and New Year and 12% around Black Friday and the January sales.
How much have Brits lost to financial scams?
Over a third of Brits (36%) report losing between £100 and £499 to a financial scam - the most common amount in our research. A further, 21% lost between £500 and £1,999, while one in ten (10%) said they had lost between £2,000 and £9,999.
While financial scams can be distressing, not all result in major losses. 17% of those affected experienced no financial loss, while a further 11% lost less than £100.
Only two-fifths (40%) of Brits told their bank after financial fraud
Our research found that 40% of respondents contacted their bank after being scammed. Many also turned to others for support or to share their experience, with almost two in five 39% talking to family and 30% opening up to friends.
Surprisingly, 19% of people admitted they knew an interaction was a scam but still went ahead and shared their information or money. Almost one-quarter (24%) only realised they had been scammed immediately after the event, whilst almost half (44%) recognised it only once the money had already left their bank account.
Rank | When the respondent realised the activity was a scam | % who realised it was a scam at that point |
1 | Once money left my account | 44% |
2 | Right after acting | 24% |
3 | While engaging, but still gave some info/money | 19% |
3 | Only after someone else pointed it out | 19% |
4 | Before engaging | 12% |
Top tips to prevent future financial scams
Take a moment before you act: Even if something feels urgent, pausing to think can help you stay safe. Scammers often try to create pressure, so you react quickly.
Always double-check: Before transferring money or sharing personal details, take time to verify the request. If you receive a message or call that seems unusual, contact the company or person directly using official contact details - never reply to the original message.
Make use of your bank’s support: Most UK banks offer online scam education, security alerts and 24-hour fraud helplines. If you think you’ve been scammed, report it to your bank straight away. They can investigate, support refund requests, and help monitor future suspicious activity.
Talk about it: Scams can happen to anyone, but too often people feel embarrassed to admit it. Our research found that over a third (34%) of those who had been scammed felt ashamed. Talking about it with friends and family helps raise awareness and protect others from similar traps.
Methodology
Survey to 2,000 Brits conducted between 29.10.2025 and 31.10.2025 by Censuswide.
These figures in this study reflect self-reported experiences of financial scams rather than specific incident data.
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Allie has spent her career helping people quickly understand complicated topics, to help them save money and focus on what matters. With almost 10 years’ experience writing, leading and managing content, she is an expert in personal finance and insurance products.
Ele Clark is an award-winning editor who has held leadership roles at Which? and news-stand publications in London and Dubai. She’s appeared across the press and media, including BBC’s Panorama. With almost 20 years’ experience in personal finance, insurance and consumer journalism, she leads a talented team at Compare the Market, creating insightful, accessible content to help people make informed financial decisions.
Charlie is a senior commercial leader with close to a decade of experience across the UK’s leading personal-finance and comparison platforms. Before joining Compare the Market as Head of Commercial in 2024, he held senior commercial roles at TotallyMoney and MoneySuperMarket Group.
Our content is written by a Compare the Market expert, backed by data and enhanced by technology. Find out how we ensure accuracy and quality in our Editorial Guidelines.
What our expert says...
During busy spending seasons, it’s worth taking a moment to stay mindful of online safety. Scammers often take advantage of busy shopping periods by creating fake websites and social ads that closely resemble trusted brands, making it all too easy to be tempted by deals that aren’t what they seem. Before you buy, take a moment to double-check the web address and consider using a credit card for added protection if your purchase doesn’t go as planned