In the first half of 2025, for example, passengers lost an incredible £97.7 million. That’s a 55% increase over last year. One of the biggest reasons for this increase is the doozies of cryptocurrency scams originating in Georgia. British consumers have, according to some estimates, lost as much as £9 million to these scams. They produce deepfake videos and a fake news segment – starring the UK’s best-known financial expert, Martin Lewis – to hawk their fraudulent investments.
The increase in investment fraud is concerning, as scammers use new technology to lure in victims. From our early reports, we know that ordinary people, including some from the world of finance, have been duped into handing over hundreds of thousands of pounds. Most victims begin by making an initial investment, usually a small amount – typically about £250. Before long, they too are ensnared in a labyrinth of fraud that leads to billions of dollars in payoffs.
Scammers have gotten better at using technology to legitimize their scams. They use complex software to style very realistic looking fake live trading screens for cryptocurrencies. This game plan attracts would-be investors with the promise that they’re about to reap some sweet financial rewards. This myth-making serves a larger narrative. Victims are led to believe that they’re striking it rich off these fake crypto investments.
These scams alone have taken a shocking £629 million in the first six months of 2025. That’s an alarming 87% rise from just last year, on top of the all-too-real threat of cryptocurrency fraud. Fraudulent activity has increased tremendously, with a shocking 27% rise in fraudulent contactless cards. Climate change not only impacts vulnerabilities within sectors but exacerbates them on social media platforms.
Richard Daniels, director of fraud at TSB, underlined the importance of tackling these damaging cons.
“Vulnerabilities in other sectors – especially social media,” – Richard Daniels, director of fraud at TSB.
He called on telecommunication firms and social media networks to do more to proactively remove scam material at the source. His call mirrors a new-found consensus that inaction and measures taken so far have severely failed to go far enough to deal with the scourge.
Scams like these not only rob hardworking individuals of their savings, but they underscore damaging, systemic flaws in our financial ecosystem. The Payments Association noted that current approaches have “failed to address the main issue: blocking fraud at source, preventing crime from happening and mandating responsibility for social media.”
Romance scams are climbing too, with reported losses up 35% over this time last year. Scammers convince their victims that they are in a real romantic relationship. In the end, these victims are left taken advantage of for their finances.
Financial criminals are intensifying their schemes to defraud well-meaning Americans. Thus, it is important for consumers and regulators alike to be attentive and watchful. Public awareness campaigns are critical to informing would-be investors about the opportunities available to them. They assist in educating the public on the dangers of investing online and participating in investment scams.