How to keep your money safe from scams and deepfakes

Investing always comes with a bit of risk – markets go up and down, after all. But one risk that doesn’t get talked about as much? Scams.

And unfortunately, scams are big business these days. In fact, scammers stole £11.4 billion from UK individuals last year. That’s billion with a ‘b’.

You’re probably wise to the usual stuff: dodgy cold calls, weird texts about mystery parcels. But there are some newer tactics doing the rounds that are a bit trickier to spot. So here’s what to look out for and how to protect yourself.

The WhatsApp scam

Scammers are increasingly using WhatsApp to target people, and they’re getting sneakier.

You might get a message from someone claiming to be a senior figure from a company you’ve heard of (even AJ Bell!) offering you an exciting “investment opportunity” or a tip-off about stocks to buy.

They’ll often push you to act fast, maybe even invite you into a group chat where people are hyping up certain shares. Sounds convincing, but it’s usually a ‘pump and dump’ scheme – they inflate a stock’s value, then cash out just before it crashes.

It’s all smoke and mirrors, and designed to pressure you into decisions before you’ve had time to think or check.

The deepfake danger

Scammers are also now using AI-generated videos, known as deepfakes, to impersonate real people – even trusted names in the finance realm, like Martin Lewis.

They’ll take a face and voice you recognise and trust, and splice it into a convincing video encouraging you to invest in something. It might look real but it’s totally fake, and designed to get you to part with your cash.

This tech is getting more advanced (and cheaper) by the day, which is why it’s so important to stay sceptical, especially with videos on social media.

How to stay scam-savvy

Scams are getting cleverer, but there are still some simple ways to keep your money safe:

• Pause and double-check. If something feels off, it probably is. Don’t rush – scams often rely on urgency and pressure.
• Ignore cold contacts. If someone messages you out of the blue about your investments or pension, especially on WhatsApp or social media, walk away.
• Watch for red flags. Huge guaranteed returns? Early access to your pension? These are classic scam signs.
• Stick to regulated companies. If an investment isn’t regulated, it’s risky, and you probably won’t be covered if it all goes wrong.
• Do your homework. Look people or companies up on the FCA register to make sure they’re legit. And don’t trust contact info someone sends you – use the official website.

What about AJ Bell and Dodl?

We’ll never DM you on WhatsApp, or promise hot stock tips or fast investment returns.

If you ever get a message that claims to be from AJ Bell or Dodl and something doesn’t feel right, check our official contact info or report it via our Security Centre. You can also report scams to Action Fraud and WhatsApp directly.

Want to stay ahead of the scammers? The FCA’s ScamSmart website is a great place to stay up to date on new tactics and how to avoid them.

🔔 Always remember, the value of your investments can go down as well as up. Dodl doesn’t give financial advice, but we do hope the info is helpful!