Imagine the following scenario. You receive a phone call from your Independent Financial Adviser (IFA). They tell you about a new fund and recommend you make a transfer from your other investments into it.
They need you to give your personal details and passwords over the phone to them now, so that you don’t miss out on the opportunity. They sound just like your IFA, so you have no reason to doubt them.
Except it wasn’t them. It was an AI-generated clone of their voice.
While this may sound like something from a sci-fi film, AI is now giving scammers new ways to make old scams far more convincing.
Investment fraud is already a huge problem in the UK and it’s getting worse. In 2025, the value of investment fraud reached a record £221.5m, equating to an average loss of more than £14,800 per case, according to UK Finance.
While AI doesn’t necessarily give scammers new ideas, it can make old scams much harder to recognise.
Read on to learn about how scammers are using AI and how you can protect yourself against them.
In 2025, the value of investment fraud reached a record £221.5m, equating to an average loss of more than £14,800 per case.
AI is making scams harder to spot
For many years, people have been told to look out for the classic warning signs of scams, including:
- Badly written emails
- Incorrect grammar
- Robotic voices
- Websites that look unprofessional
However, AI is beginning to remove some of those traditional tell-tale signs.
Scammers now use increasingly sophisticated tools to create well-written messages, realistic images, cloned voices, deepfake videos, and professional-looking websites and adverts.
Some of the most common scams that use AI include:
- Voice cloning – A scammer may only need a short recording of someone’s voice to create an AI-generated imitation. The scammer then calls a relative claiming to be their loved one and asking for money.
- Emails that look official – Scammers can replicate business email accounts to create what look like legitimate email communications.
- Deepfake investment scams – AI can also be used to impersonate celebrities, financial professionals, and other trusted figures. Scammers can use deepfake technology to impersonate them in order to persuade people to hand over their money.
- Fake websites – Fraudsters can use AI to create websites that look like those of genuine banks, investment companies, or financial services businesses before asking visitors to hand over their money.
Scammers still rely on familiar tactics
The technology may be more sophisticated, but the key tactics are still there.
Essentially, a scammer needs to persuade you to do something you wouldn’t normally do. They do this by exploiting your emotions and creating situations where you’re less likely to stop and think. They are also experts at leveraging government announcements and world events in order to appear legitimate.
So, be wary of:
- Urgency – You may be told that you have to act immediately or you’ll lose money, miss an opportunity, or put someone in danger.
- Fear or panic – Someone claims there’s an emergency and you need to solve it.
- Excitement – You’re offered an investment opportunity, prize, or financial reward that seems too good to miss.
- Authority – The person claims to be from your bank, the police, a government department, or a financial firm.
- Unusual requests – You’re asked to transfer money to a new account, buy gift cards, install software, or move money somewhere “safe”.
- Requests for sensitive information – You’re asked for passwords, PINs, security codes, card details, or other information.
These warning signs matter because they can still expose a scam even when the technology behind it is convincing.
4 steps to protect yourself from AI scams
Investment fraud can be devastating – financially and emotionally, and not just for the victim but for their families too. The UK offers an Authorised Push Payment (APP) reimbursement scheme, but its scope is limited and any potential compensation will be capped, so there’s no guarantee you’ll get your money back.
You don’t need to become an AI expert to protect yourself from scams, and taking the following steps may help.
1, Stop and slow down
If someone creates a sense of urgency, that should ring immediate alarm bells. Pause and take a breath. Ask them to remain calm and try to get a full picture of what is going on. Hang up if necessary and give yourself time to think. Don’t take any action over the phone if you sense something isn’t right.
2, Verify using a different method
If a family member calls asking for money, hang up and call them back using the number you already have saved.
If your IFA calls and something about the call raises suspicion, don’t rely on the number displayed on your phone. End the call and contact them using a verified number. The same principle applies to banks, building societies, HMRC, and other organisations that are often mimicked in scams.
3, Consider creating a family safe word
Families can also agree on a secret word or phrase that would be difficult for a scammer to guess. If someone calls claiming to be a relative and asks for money, you can ask them for the safe word.ple applies to banks, building societies, HMRC, and other organisations that are often mimicked in scams.
4, Never give away sensitive information
A genuine bank or IFA will never ask you to reveal information such as your PIN or personal passwords over the phone or by email. You should also never share security codes or other information that could allow someone to access your account or authorise a payment.
Again, if you’re unsure about what to do, hang up and call them back on a verified number. Or arrange to see them in person.
What to do if you think you've been scammed
If you’ve been scammed, acting quickly can help limit the damage.
- Contact your bank immediately. If you’ve transferred money or given a scammer access to your bank account, contact your bank straightaway. Tell them you believe you’ve been the victim of fraud and ask what they can do to protect your account and recover the money.
- Contact your IFA immediately on a verified number. Explain what’s happened so that they can investigate and also alert other clients if necessary.
- Secure your accounts. If you’ve revealed passwords or other security information, change your passwords immediately. If the same password is used elsewhere, change it there too. If you’ve installed software at a scammer’s request, remove it as quickly as possible.
- Report the fraud. In England, Wales, and Northern Ireland, you can report scams to Report Fraud. In Scotland, fraud should be reported to Police Scotland on 101. Suspicious text messages can be forwarded to 7726, free of charge. Suspicious emails can be forwarded to report@phishing.gov.uk.
Most importantly, don’t be embarrassed about asking for help. Scammers deliberately design their schemes to manipulate people, and falling for a scam doesn’t mean you’re foolish.
Amber River’s approach to investment fraud
If you receive a phone call from someone claiming to represent Amber River, and you’re not sure if it’s genuine, hang up and contact your usual adviser, or get in touch using the details provided on amberriver.com.
Be wary of requests that pressure you to take immediate action, transfer money quickly, or use unusual payment methods – these are likely to be scams.
We do not advise on cryptocurrencies or promote trading platforms, and we only operate within the UK.
This is important:
We’ve written this article purely for general educational purposes. It’s not investment advice, or an invitation or inducement for you to invest your money. The information in the article can go out of date over time too – thanks to law and tax rule changes.
Your situation will be unique to you, and that’s why you should always seek personalised advice from a qualified financial adviser before taking any action.
