Investment Scams Rising in UK and Social Media Remains Top Fraud Source, Barclays Finds

Half of UK adults are more concerned about falling victim to scams than they were a year ago, according to Barclays’ latest Scams Bulletin. The bank’s analysis highlights how fraudsters are changing tactics to target victims.

Investment Scams on the Rise

Barclays’ claims data shows investment scams accounted for nearly half (47%) of the total value of claims in 2025, up from 39% in 2024 and 32% in 2023. Despite their financial impact, investment scams made up just 7.1% of reported cases this year, though that figure has risen from 5.6% last year.

Purchase scams remain the most common type, representing 71% of claims, unchanged from 2024. 

One in three (35%) reported investment scams originated on social media platforms.

Social Media, AI, and Finfluencer Fuelling Scam Concerns

Social media remains the primary source of scams for Gen Z consumers. In 2025, six in 10 (58%) reports from Gen Z customers involved social media, compared with 45% across all age groups.

The widespread use of AI has made scams harder to spot. Three in four (75%) consumers believe AI has made online fraud more convincing. As a result, one in three Gen Z shoppers (34%) now avoid online shopping due to scam fears, the highest rate among any generation and 12% higher than older age groups (22 %).

Barclays also found that 42% of people who acted on social media investment content lost money, not always through scams, but often by following unregulated advice from so-called financial influencers (finfluencers). 

One in four (24%) consumers reported feeling pressured to act quickly on unsolicited tips, mistaking displays of wealth as a sign of credibility. Among Gen Z (18–27), this figure is nearly half (48%). Barclays first disclosed this data in November, warning of the growing risks posed by finfluencers.

Scammers Shift to Text Message 

With online confidence declining, scammers are turning to more direct channels. Reports of scams via text or SMS rose 40% from 2024, now accounting for 14% of claims.

Barclays Fraud and Scams Expert Kirsty Adams says: “We witnessed the resurgence of scams coming via text message, as confidence in online channels has declined.”

81% consumers believe more should be done to protect them from scams. 79% say tech companies must do more to stop fraud on their platforms, while almost half (45%) would support banks and tech firms sharing personal data if it helped prevent scams.

Looking ahead to 2026, Adams expressed hope that greater cross-industry collaboration will achieve continued progress in combating fraud.