Scams - How to spot them and stay protected
Scams are becoming more common and convincing. Understanding how scams work and spotting the warning signs can help protect your money and your personal information.
What is a scam?
A scam is a way of misleading people into sharing personal information, or giving access to their accounts, or getting them to send money to someone pretending to be trustworthy or offering something that isn't real. Scammers may contact you in different ways, including email, phone call, text message, or even in person, and their methods are becoming more sophisticated.
Common signs it's a scam
There are several clues to identify a scam. Common warning signs include:
- Inaccurate spelling and wording
- A sense of urgency to act quickly
- Asking for bank details or passwords and being told not to tell anyone
- It comes from an unfamiliar email address.
It is important to remember that FSCS will never ask for bank details, account passwords, or PIN numbers. If you are unsure about a message claiming to be from FSCS or another organisation, contact them directly using their official contact details.
You can also find practical advice on how to protect yourself from scams on the Financial Conduct Authority (FCA) website: Protect yourself from scams.
A recent example of a scam
In a recent case, reported by 'The Guardian', a driver received £8,500 in ULEZ penalty charge notices after their car's number plate was cloned and used on a similar vehicle driving in London, even though they had never driven there.There were several clear warning signs:
- The fines were for journeys the driver did not make
- The number and value of the charges were unusually high
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Escalation to threats of enforcement or bailiffs before the issue had been properly resolved
These are clear indicators that the message was not genuine. If you want to read more, see I got £8,500 in Ulez fines after my car number plate was cloned.
See also our Latest financial scams and frauds page.
FSCS does and does not
To stay protected, it is important to know the facts about FSCS:
- We only uses email addresses ending in @fscs.org.uk.
- We only compensates customers of UK‑authorised firms.
- Crypo assests are virtual currencies and not FCA regulated. This means they're not FSCS protected.
- For bank, builkding society and credit union failures our maximum compensation limit is £120,000 per person, per banking licence.
- For other types of claim, our limit is £85,000. See What we cover for more details and exceptions.
- We would never ask you for money.
Stay alert and stay safe
Scammers rely on pressure and confusion. Taking a moment to stop, check the details, and question unexpected messages can help keep you safe. If something doesn't feel right, trust your instincts and seek advice using official channels.
Protecting yourself starts with knowing the signs.