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As Financial Planners, we’re passionate about helping clients grow and protect their wealth. But one of the biggest threats to your hard-earned savings isn’t a market crash — it’s a scam.
The recent M&S cybersecurity breach made headlines not necessarily because of a technical failure, but because it revealed something more concerning: human error. Even the most reputable companies with robust security systems aren’t immune to mistakes. Fraudsters are counting on that — not hacking your systems, but hacking your trust.
The Weakest Link Isn’t the Firewall — It’s Human Nature
We often imagine scams as something that happens to “other people” — maybe the less tech-savvy, or those not paying attention. But the truth is, today’s scams are sophisticated, believable, and designed to catch you off guard. They exploit emotion, urgency, and familiarity — often impersonating people or organisations you trust.
What to Watch Out For:
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1. Email and Social Media Hacking
According to Action Fraud UK, email and social media account hacking is the most reported cybercrime this year — with over 35,000 reports in the last 12 months. Your emails are often the gateway to more sensitive personal information, so use strong, unique passwords.
The longer and more unusual your password is, the stronger it becomes and the harder it is to hack. The best way to do this is by using a sequence of three random words you’ll remember, ideally with added symbols and numbers.
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2. Text or WhatsApp from a “Family Member”
A common scam starts with a message like “Hi Mum” or “Hi Dad” from an unknown number, claiming their phone is broken and they urgently need money.
More worryingly, fraudsters are beginning to use artificial intelligence to clone voices or copy images from social media to impersonate loved ones even more convincingly. Double-check using another way to contact them and think about creating a simple family “password” to confirm it’s really them.
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3. Phone Calls from “the Bank”
If someone claiming to be from your bank asks you to urgently move funds, share your PIN, or give remote access to your computer, it’s almost certainly a scam.
No legitimate organisation will ever ask for this information. Hang up and call the organisation back using a verified number from their website or official correspondence.
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4. Investment “Opportunities”
If you’re contacted out of the blue with promises of high-return investments in things like cryptocurrency, green funds, or bonds, tread very carefully. Red flags include time pressure, guaranteed returns, or vague contact details. Always verify the firm using the Financial Conduct Authority’s register and consult their ScamSmart ‘Warning List’ at fca.org.uk/scamsmart.
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5. Platform Security
If your investment or banking platforms offer Two-Factor Authentication (2FA) — use it. This extra layer of protection ensures that even if someone has your password, they still can’t access your account without a second verification step. Also, ensure your devices are regularly updated and avoid using the same password across multiple sites. Saving passwords in a secure browser manager is better than using weak, repeat passwords.
Human Error is Inevitable — So Create Pause Points
Scammers thrive on urgency. So, build in the opposite: pause. If something feels off — even slightly — step back, do your research, and speak to someone you trust. Whether that’s your Financial Planner, your bank, or a family member, a second opinion can stop a scam in its tracks.
At Wren Sterling, we’re always here to talk through anything that doesn’t feel right.
Please note, this article is for information only and does not constitute advice.
