Stay ahead of fraudsters in 2025

Each year, fraudsters find increasingly sophisticated ways to target individuals and businesses, and 2024 was no exception. Global losses from digital fraud alone were estimated at $47.8 billion throughout the year – a sharp 15% increase from 2023¹. Meanwhile, in the UK, the National Crime Agency has declared fraud the most prevalent crime, making up more than 40% of offences in England and Wales².

As we embark on 2025, it’s clear that staying one step ahead of fraudsters is vital. Understanding their methods is the first line of defence. Here, we highlight some of the fraud threats to look out for in the year ahead and provide some practical steps you can take to safeguard yourself and your finances.

1. Impersonation Scams

In these scams, criminals pose as trusted individuals, such as members of your bank’s fraud team, to trick you into disclosing confidential information or authorising payments. They often use urgency as a tactic, claiming your account has been compromised to push you into action.

How to protect yourself:

• Be cautious of unexpected calls, texts, or emails claiming to be about your account.
• Verify the identity of the person by contacting your bank separately, using an official phone number.
• Never share login details or personal security information with anyone.

2. Bank impersonation for investment scams

Fraudsters may impersonate well known financial organisations, such as your bank or wealth manager, to offer fake investment opportunities. These scams can also target non-clients, falsely claiming they already hold investments with the bank to encourage further contributions to fraudulent schemes.

Nedbank Private Wealth will never contact you out of the blue about investments, especially if you’re not already a client.

How to protect yourself:

• Work only with investment firms that are regulated by the Financial Conduct Authority (FCA) or your country’s equivalent body.
• Ask your friends or family members for an independent opinion of whether unexpected investment opportunities may be genuine or not.
• Remember, if an offer sounds too good to be true, it usually is.

3. Card compromise leading to bank impersonation

Fraudsters may start by fraudulently obtaining your card details and then impersonate your bank, using social engineering techniques to find out sensitive security information such as One-Time Passwords (OTPs) or security question answers. These details may then give them direct access to your funds.

How to protect yourself:

• Your bank will never ask for full passwords, OTPs, or PINs. If someone does, it’s likely a scam.
• End suspicious calls immediately and phone your bank directly using your usual contact number.
• Avoid rushing decisions. Fraudsters often create a false sense of urgency to make you act without thinking it through.

4. Property investment fraud

While cryptocurrency scams have made headlines recently, fraudsters are increasingly reverting to traditional property investment scams. These schemes lure victims with promises of high returns from property projects that may not even exist.

How to protect yourself:

• Ensure investment opportunities come from firms that are regulated by the FCA or your country’s equivalent authority.
• Conduct independent research into the credentials and reputation of any company or scheme.
• Be wary of high-pressure sales tactics or offers that guarantee returns, as these are red flags for potential scams.

Securing your wealth

Fraudsters often rely on urgency, false trust, and a lack of verification to carry out their plans. By staying informed and vigilant, you can reduce your risk significantly.

As our valued client, we are committed to safeguarding your financial future. If you ever feel uncertain, please don’t hesitate to reach out to your private banker or our client services team.

For more tips and advice, visit our Protect Yourself from Fraud page.

What to do if you suspect fraud:

Contact your bank immediately: If you notice any suspicious activity, contact your bank right away. They can freeze your account and stop further unauthorised transactions. Nedbank Private Wealth clients can contact us at +44 (0)1624 645000 (Monday to Friday, 8am to 8pm UK time, except for UK public holidays) or +44 (0)20 8167 3223 outside these hours.

 Change your passwords: If your card or online banking details have been compromised, update your online banking passwords and any other accounts that use the same password.

¹ https://www.miteksystems.com/blog/2025-fraud-predictions-industry-innovators
² https://www.simmons-simmons.com/en/publications/cm4gsjr8304v2tr0kmpvnv0gh/predictions-2025-disputes-and-investigations