Fraud is the most commonly reported crime in the UK, affecting millions of people every year. It can be a traumatic experience. Many victims also continue to bear an emotional weight long after the financial consequences have been felt — the shame and embarrassment of having fallen victim. Sadly, this emotional burden often leads to silence, discourages more reporting, and prevents others from learning how to protect themselves. As a society, we must do more to support those affected by fraud.
A Crime That Can Happen to Anyone
Fraud has evolved into a highly sophisticated crime, beyond the more obvious and easily detectable schemes of the past. Today, much of it occurs online, targeting people from all backgrounds, professions, and age groups. Criminals adapt, using the latest technology to exploit human emotion and trust.
Take the story of Moira Stuart, for instance — the famous Classic FM presenter. Despite believing she is reasonably savvy, she narrowly avoided falling victim to a banking scam. She shared her experience publicly to shed light on this issue, reminding everyone that even the most vigilant among us are susceptible to deception.
Fraudsters rely on psychological manipulation. Whether they’re posing as trusted institutions or trying to forge fake connections with us through romance scams, their tactics are designed to erode defences and extract sensitive information. The outcome is rarely just financial loss; feelings of betrayal, guilt, and self-blame often linger long after the incident.
A Personal Reminder to Stay Alert
Something that really acted as a personal reminder, was a recent frightening and traumatic incident that happened to a friend. His drink was spiked on a night out, and while he thankfully escaped physical harm, the perpetrators drained thousands from his bank account. This from forcefully using his fingerprint or facial recognition to bypass the biometric security of his phone and financial apps. It’s a stark reminder that fraud doesn’t always happen in obvious forms — it can also result from deliberate manipulation in vulnerable moments.
This incident raised some practical questions for me about security. How many finance apps do I have on my phone, and do I really need all of them to be so accessible? Two thoughts in particular:
Emergency cash fund – good practice would be to keep this account with a different bank from your primary current account, which can help reduce the temptation to access the funds too easily. A further question I asked myself, is whether I need to have this app accessible on my phone, given it should only be there for emergencies?
Long-term investments – typically most of our pensions and long-term investments are “buy-and-hold” in nature. If we’re investing for the longer term, we really only need to be checking their investment performance every 2 or 3 months. This also helps us to avoid getting drawn into potentially damaging behaviours of panic selling when we see markets take a temporary downward turn over a short period of time. Again do we need to have access to these investments so easily through our phone? Would a tablet at home suffice instead?
A key takeaway to ask yourself is whether you have got the right balance between convenience and security? Is it really necessary to have access to your entire financial wealth through your phone, and have this exposed to those that may defraud you via force or temptation in vulnerable moments?
Fraud's Hidden Toll
The impact of fraud extends beyond finances. Victims often grapple with a diminished sense of trust — not just in others, but in themselves. They may question their judgment, feel ashamed, or struggle with anxiety. For some, especially those affected by pension scams or large-scale thefts, the damage can be life-changing.
The myth that fraud only happens to the careless or naïve is one of the biggest hurdles to addressing this problem. Fraudsters are experts at identifying vulnerabilities. A moment of distraction, an eagerness to help, or trust in a seemingly official communication are all it takes. Feeling ashamed after falling victim to fraud can be an isolating experience. This sense of shame may prevent individuals from seeking support or reporting the incident, which could leave them more vulnerable.
The Importance of Reporting Fraud
Did you know that in England and Wales, it is estimated that only 13% of fraud cases are reported? Shame, fear of judgment, and embarrassment play a significant role in this low figure. However, failing to report fraud not only leaves crimes unresolved but also allows fraudsters to continue targeting others.
We need to foster an environment where victims feel safe and supported, one where they understand that falling victim to fraud doesn’t reflect on their intelligence or character. Reporting fraud is vital — not just to seek justice, but as a way to protect others from harm.
Changing the Narrative Around Fraud
To tackle fraud, we need to shed the stigma. The focus must shift from blaming victims to understanding the methods of fraudsters. Fraud is, above all, a crime of deception, and the responsibility lies solely with the perpetrators.
If you’ve been a victim, remember that you’re not alone. Psychotherapist Gin Lalli suggests that acknowledging feelings of shame and guilt is an important part of the healing process. Seek support from friends, family, or professionals, and know that connecting with others who’ve been through similar situations can offer both comfort and perspective.
Tips to Protect Yourself
While there’s no foolproof way to prevent fraud, these steps can help make you a less likely target:
Pause Before Acting: If someone contacts you unexpectedly, take a moment to verify their story. Call organisations directly using official numbers.
Be Wary of Urgency: Scammers often use pressure tactics to rush you. Remember, legitimate companies won’t demand immediate decisions.
Double-Check Online Links: Avoid clicking on links in emails or texts unless you’re sure of their source. Always visit websites directly.
Reassess App Access: Do you need all your finance apps accessible on your phone? As just discussed, consider keeping less frequently used accounts only on a home device.
Report Suspicious Activity: Contact your bank if you think you’ve been targeted, and report incidents to Action Fraud promptly.
Building a Fraud-Resilient Future
Thankfully, steps are being taken towards tackling fraud on a larger scale. From enhanced banking safeguards to the establishment of a National Fraud Squad, new measures aim to hold fraudsters accountable and offer better support to victims.
An important change involves a shift in mindset. By talking openly about fraud — both its methods and its emotional toll — we can create a more understanding and empathetic space for victims. Financial loss is tough enough without the added weight of silent suffering.
Fraud is not a reflection of intelligence or awareness — it’s a reflection of a criminal's capacity for deception. If you’ve been affected, know that you’re not at fault. Speak up, seek support, and take proactive steps to protect yourself as you move forward.
But let’s not let the fear of fraud stop us from enjoying ourselves this festive season. Some simple steps and measures can help to protect you. Be alert, stay safe and enjoy yourself over this festive holiday period!
(Images are AI-generated)
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