In 2014, the hit movie The Wolf of Wall Street showed how the financier and fraudster Jordan Belfort operated an investment scam. While it was very loose with the facts, the film gave an accurate depiction of a “boiler room” – a call centre from which scammers cold-called unsuspecting members of the public and pushed ill-advised or fraudulent investments on them.
Boiler room scams were very prominent in the past but these days, you’re less likely to get a phone call about a too-good-to-be-true investment opportunity. Instead, you might be contacted directly on social media or see an advert promising incredible returns.
The scammers didn’t go away, they simply adapted their methods as technology moved on and people became more suspicious of cold calls about investment opportunities.
It’s common for criminals to change their strategies in this way, which is why you need to stay up to date if you want to protect your wealth.
Here are five top scam trends to be aware of in 2025.
1. Virtual funeral scams
Virtual funerals became common during the Covid-19 pandemic as they allowed those who couldn’t attend to view a live video feed of the service. Since then, they have remained popular but unfortunately, scammers saw this as an opportunity.
Criminals scan social media for notices about upcoming funerals and make fake accounts posing as family members of the deceased. They will then contact friends and family, offering a link to the livestream of the funeral service.
However, you might be asked to pay to access the stream. Alternatively, the link could download malicious software onto your computer, giving criminals access to your sensitive data.
To avoid falling victim to this scam, it’s important to communicate directly with the family outside of social media and check how any livestreams of the funeral will be managed. Normally, the funeral director will arrange and supply the links, and you shouldn’t be asked to pay any money to access the feed.
2. Deepfake investment scams
A “deepfake” is an incredibly realistic AI generated video made to look like a real person. Criminals can use advanced software to take real images and videos and then create a deepfake, which they can make say anything they want.
Deepfakes of public figures such as Martin Lewis, Elon Musk, or even the Prime Minister have been used to push fraudulent investment schemes on social media.
That’s why it’s so important to do due diligence before making any investments, and don’t trust what you see on social media, no matter how convincing it might appear.
It’s also worth noting that even if an investment scheme advertised online isn’t fraudulent, it might not align with your goals and attitude to risk. That’s why you may benefit from working with a financial planner to create your own unique investment strategy.
3. “Hi mum” scams
No parent wants to hear that their child is in trouble, and scammers know this all too well. The “hi mum” scam involves criminals contacting you claiming to be a loved one, asking you to transfer money to help them out of a tricky situation.
In some cases, they can clone the person’s phone number, so the message appears to come from a trusted source. Scammers could even use AI tools to clone a person’s voice and make a convincing phone call. Otherwise, they might claim to be borrowing somebody’s phone to contact you.
Typically, the scammers will pressure you and play on your emotions, so you don’t think clearly and make rational decisions. That’s why it’s important to stop and take a moment before transferring any money, especially if they’re asking you to pay into an account you don’t recognise.
If possible, call your loved one back and try to verify their identity. You could also ask questions that only that person would know the answer to, so you can see if they are genuine or not.
4. Fake QR codes
QR codes are very common these days and you might use them to log in to certain websites or access the menu at a restaurant, for example. However, you may want to be more vigilant about which codes you scan as some of them could take you through to fraudulent websites.
This is particularly common in car parks, where you’re often asked to scan a QR code to pay for parking.
Criminals will stick their own codes over the legitimate ones, directing you to a site where you will willingly share all your card details with fraudsters. They can then make purchases with your cards.
The code might also download malware onto your phone, potentially giving criminals greater access to your online banking and other sensitive data.
Fortunately, many car parks also have a reference number which you can put directly into the website or app of the parking provider. This may be a safer option than scanning a QR code that is potentially fake.
More generally, think twice about scanning codes if you can’t be sure of the source, and check the links they open before you click them to see if they appear legitimate or not.
5. Refund phishing
“Refund phishing” is an elaborate way to get you to share personal information that scammers can then use to extract more wealth from you.
The first step is to use your stolen card details to make a purchase from a fake business.
You will then receive an email about the purchase and likely want to question it. On the email, you’ll find a customer service phone number to call and if you do, you’ll be connected to scammers who then ask you to share bank details and other personal information.
It’s easy to fall for this scam because you might panic when you see a transaction you didn’t make appear on your bank statement. However, it’s sensible to verify the legitimacy of the company by searching them online and potentially visiting Companies House to see if they are registered as a UK business.
Remember, they might have a fake website set up too, so don’t take this as an automatic sign that the company is real.
Additionally, if you didn’t make the purchase yourself, it’s usually advisable to contact your bank instead of the company. Whether the company is real or not, your bank’s fraud department will refund the payment.
Get in touch
We can help you make informed decisions about your wealth to avoid potential scams.
Please give us a call on 01276 855717 or email info@braywealth.com today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
Approved by the Openwork Partnership on 03/09/2025
Production