Barclays has issued a stark warning to UK consumers, revealing that fraudsters are increasingly focusing on high-stakes investment scams while also reviving more traditional tactics like fake text messages.
A Dual Threat: Sophisticated Frauds and Old Tricks
The bank's internal analysis of customer data, covering the period from 1 January 2023 to 31 October 2025, shows a clear evolution in criminal methods. According to Barclays, there is a marked shift in the types of scams being reported, with criminals deploying both advanced and simple techniques to part victims from their cash.
Kirsty Adams, a fraud and scams expert at Barclays, stated: "Scammers are continuing to adopt new tactics, and as a result, we’re seeing a shift in the nature of scams reported by our customers." She highlighted the dual nature of the current threat: "While fraudsters are targeting victims with higher-stakes opportunities, we are witnessing the resurgence of scams coming via text message."
The Rising Cost of Investment Scams
The most financially damaging trend identified is the sharp rise in investment fraud. These scams, which often promise unrealistic returns, are involving ever larger sums of money.
Barclays' data is alarming: Investment scams accounted for 47% of the total value of fraud claims in 2025. This represents a significant increase from 39% in 2024 and just 32% in 2023. Despite this huge financial impact, these complex frauds make up only 7.1% of the total number of cases reported, indicating that each successful scam nets criminals a substantial payout.
The bank also warned that fraudsters are increasingly using deepfake technology to make their fake investment opportunities appear legitimate and trustworthy.
The Enduring Danger of Fake Text Messages
Alongside these sophisticated schemes, Barclays reports a worrying comeback for a more basic approach: the fake text message, or 'smishing'. These scams often impersonate banks, delivery companies, or government bodies like HMRC.
Such messages typically surge during key calendar moments, such as tax deadlines and peak periods for postal deliveries like Christmas. They often contain links to phishing websites or requests for personal information.
How to Protect Yourself in 2026
Looking ahead, Barclays remains hopeful that cross-industry collaboration will help in the fight against fraud. In the meantime, Kirsty Adams offers the following crucial advice for consumers to stay safe:
1. Guard Your Personal Details
Your genuine bank will never ask you for your debit card PIN, your full password, or your complete online banking login details. Never disclose these in response to an unsolicited call, text, or email.
2. Always Verify Company Details
If you are contacted by phone and feel unsure, independently check the company's official contact details. Visit their website via a search engine (not a link provided) and call the listed number yourself to confirm.
3. Resist Pressure and Take Your Time
Legitimate organisations will not force you into making a hasty decision. Whether it's an online purchase or an investment opportunity, take a step back and give yourself time to think. Pressure to act immediately is a major red flag.
4. Be Sceptical of Unrealistic Promises
If an investment opportunity promises returns that seem too good to be true, they almost certainly are. Maintain a healthy scepticism towards any guarantee of high, quick profits with little or no risk.
5. Scrutinise Every Text Message
If you receive a one-time passcode to authorise a payment you didn't initiate, stop immediately. Always read the full message to ensure it matches an action you are actually taking. Do not use the code or share it with anyone if anything seems amiss.
