When managing your finances, it is important to be aware of the dangers of fraud and ways to protect your wealth from scammers. Unfortunately, this can be challenging as criminals use increasingly advanced tactics, often to convince you to part with your money willingly.
Read on to learn more about a common scam method called authorised push payment fraud and how to protect yourself.
Scammers stole £257.5 million through authorised push payment fraud in the first half of 2025
In the past, scammers relied heavily on unauthorised fraud, which means taking funds from your account without your knowledge or permission. This might involve stealing your bank details and making transfers, for example.
While these types of scams are still prevalent, many modern criminals lean towards authorised push payment (APP) fraud. These scams trick unsuspecting victims into willingly transferring money to fraudsters.
According to a report from UK Finance, scammers stole £257.5 million through APP fraud in the first half of 2025. This was an increase of 12% on the same period of the previous year.
Scammers might convince you to send funds to them in several ways.
Investment scams
Investment scams are very common, particularly on social media. Fraudulent schemes will advertise an investment opportunity promising significant returns in a short space of time. Scammers might use convincing AI-generated videos, called “deepfakes,” that show trusted public figures promoting the scheme.
Certain investments might be far riskier than advertised, meaning you make significant losses. In some cases, the investment might not exist in the first place, and scammers will take your money.
Impersonation scams
Calling you and pretending to be from your bank, HMRC, or a business you have dealt with is another common way that scammers will encourage you to part with your money.
They might inform you that you have an unpaid invoice, or even that your money is under threat and you must move it into a “safe” account.
These calls may be incredibly convincing as scammers can mimic the phone number of the organisation, so it appears to come from a trusted source.
“Hi mum” scams
This scam preys on your emotions by convincing you that a loved one is in trouble and needs you to transfer money to help them.
In the past, scammers would often send messages pretending to be a child using a borrowed phone. They might say that their car has broken down or they have received a fine of some kind and need money quickly.
However, in recent years, criminals have been using advanced AI voice cloning technology. This means you could receive a phone call from somebody who sounds very much like a loved one. You can see how it would be very easy to fall for this scam.
3 ways to protect yourself from authorised push payment scams
The scams described above are some of the most common ways that criminals will try to encourage you to send them funds, but the list is far from exhaustive. Additionally, criminals are always finding new ways to target people, so the specific methods they use change.
Fortunately, these simple tips can help you protect your wealth.
1. Call 159 to connect securely with your bank
If you receive a call from the bank asking you to move money or share details, you may be unsure whether the call is legitimate.
You must react promptly to real warnings from the fraud department at your bank, but equally, you do not want to make any rushed decisions that may open you up to fraud.
The 159 hotline is set up to protect you in this situation.
If you are sceptical about a phone call from the bank, hang up immediately and dial 159. This number connects you securely to your bank.
They will then tell you if the call you received was legitimate. If it was, you can proceed with any action, safe in the knowledge that you are talking to the bank.
Alternatively, you will be quickly informed that you were contacted by scammers and can report the activity.
2. Follow the “stop, think, protect” protocol
The 159 hotline is a useful resource for contacting your bank, but it is important to be equally cautious when contacted by other institutions.
If you receive a call or message from somebody claiming to be from HMRC, a business, or even a family member, the “stop, think, protect” protocol can prevent scams.
- Stop – Even if you are pressured to act quickly, stop for a moment and give yourself time to think properly about the situation.
- Think – Question what you are being asked to do and whether it feels safe. Consider how sure you can be about the identity of the person you are speaking to. If you are concerned, ignore the message or hang up the phone.
- Protect – If you are worried that you have been scammed, contact the police and other relevant institutions, such as your bank, immediately.
Scammers often rely on you making panicked decisions, and the “stop, think, protect” protocol helps to avoid this.
3. Report scams quickly to recover funds
Since October 2024, banks have been legally required to reimburse victims of APP fraud. According to the Payment Systems Regulator, you will receive up to £85,000 per fraud incident.
As such, it is important to report scams to the police and your bank as quickly as possible, so you can recoup the lost funds.
Get in touch
If you need guidance about reliable investment options and ways to safely hold your wealth, please do get in touch with DBL Asset Management.
Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals 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.