Santander has warned its customers about online scams after one customer nearly lost £5,000 in an online investment scam. The banking giant issued the alert via email, outlining the four steps that scams often take to lure people in. It also warned that fake videos of celebrities were often used to entice people to sign up.
How the scam works
Santander said: "Famous face promoting cryptocurrency? It might be fake. Fraudsters use fake celebrity endorsements, AI-made videos and social media ads to trick people into cryptocurrency scams - here's how it usually happens:"
The bank described a four-stage process. First, the hook: a victim sees a celebrity promoting a cryptocurrency investment on social media. The video may look real, but fraudsters can use AI technology, known as a deepfake, to copy someone's image and voice.
Second, signing up: the victim enters their details and is contacted by someone claiming to be an investment expert, who helps set up an account, sometimes offering to do it for them. Third, illusion: the investment appears to grow, and the victim may even be able to withdraw a small amount to gain trust and encourage more investment. Fourth, loss: when the victim tries to withdraw money, they are told to pay extra fees or taxes, after which the fraudster stops responding.
Fraud statistics
The 2026 Annual Fraud Report showed that fraud is "the most prevalent crime in the UK", with eight people being defrauded every minute, with almost £2,500 lost in that same minute. In 2025 alone, banks prevented £1.68 billion in unauthorised payment fraud, equivalent to 70p in every £1 of attempted attacks. Despite this, £1.28 billion was stolen through various forms of payment fraud.
The report said: "The scale of the threat and the criminal nature of it damages our economy at a time when we need economic growth. The harm extends well beyond financial losses though: it damages livelihoods, affects victims’ mental health and erodes trust in the systems designed to keep customers safe."
Customer story
Santander also released a video discussing someone who "nearly lost five grand". One of the people in the video explains: "It was an investment scam. It was close, he nearly lost five grand to a scammer. Look at this. The returns seemed reasonable, maybe slightly high, but no major selling pressure, and he found it by himself."
They showed him that the money was growing every day, and he got some small returns at the start, but then when he tried to withdraw it, they wanted him to pay huge fees to release it. "Thankfully, that's when he called us just in time. If an investment sounds too good to be true, it probably is. Remember, no legitimate investment can guarantee high returns with no risk. What they need to do is take time to research before they send any money. Consider getting independent financial advice or guidance before a big financial decision."
How to spot a scam
Santander says that, while there’s no one-size-fits-all approach when it comes to protecting yourself, there is a list of things that can help you spot and avoid fraud and scams. These include always taking time to think before making a payment, speaking to someone you trust first, paying extra attention to warnings provided when making a payment, and checking that emails, texts or calls are genuine by phoning back on a known and trusted number.
The bank also advises completing extra checks when making a payment, such as reading reviews and researching companies or websites, and not allowing anyone remote access to your devices. "While fraud and scams are not new, advances in technology give criminals more ways to attempt to access your money. Knowing the techniques they use can help you protect yourself and your money," it says on the bank's website.
Santander advises anyone who thinks they have responded to a scam or been a victim of fraud to report it immediately via its How to report Fraud page, or by calling Report Fraud on 0300 123 2040. Customers who are worried or think they have given details to the wrong people should contact the bank first on 0330 9 123 123 or 0800 313 4321 (freephone), and also report it to Report Fraud on 0300 123 2040.
