New payment set up? Get in touch! The bank scam where your ‘bank’ is the scammer

Impersonation scams – where callers or texts claim to be from trusted entities such as banks, HMRC or even the police – are rife … and growing ‘I’ve £80k in the account, here’s my pin’: turning the tables on scammers Your phone pings and it’s a message from your bank about a new payment being set up on your account. If you do not recognise the transaction, i

The top 3

  1. Impersonation Scams (Bank & Authority): Imposter scams, particularly those impersonating banks or government officials, led to $3.5 billion in reported losses in 2025, with bank impersonation being the most common text scam.
  2. Sophisticated Phishing & Smishing: Phishing and spoofing were the most reported cybercrime to the FBI in 2025 with 191,561 complaints, with smishing accounting for 35% of all phishing attacks, often enhanced by AI.
  3. High-Value Investment Fraud: Investment scams were the most financially devastating in 2025, causing over $8.6 billion in reported losses in the US and £221.5 million in the UK, often promising high returns with minimal risk.

Sources

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