Fraud: what are the facts?
We surveyed 2,000 people across the UK to gain a snapshot of how fraud and scams can affect everyday lives.
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Stop, Check, Act and Monitor: helping you stay safe from scams
February 25, 2026
As fraud and scams become increasingly common and sophisticated, it can feel like it’s never been more difficult to keep your money safe.
Our Stop, Check, Act and Monitor (SCAM) approach is designed to help you protect what’s yours. Learn about how to spot signs of potential scams, be more vigilant online, and help protect yourself from the tactics of modern-day fraudsters.
Stop: is this genuine?
If you’re contacted by your bank or anyone claiming to be from a legitimate organisation such as the police or HMRC, stop and ask yourself:
- Was this call unexpected?
- Are they asking for anything unusual, such as verification codes?
- Are they trying to create a sense of panic?
- Are they offering something too good to be true?
- Have they told you your money is at risk, and you need to move it urgently?
If the answer to any of the above is ‘yes’, it could be a fraud attempt. Never make a decision about your money alone or under pressure – so keep calm, end the call and seek more advice from someone you trust. If the call is genuine, they will let you call back to verify.
Check: verify who’s contacted you
Fraudsters are experts at impersonating institutions you trust, so you can never be too cautious even if the person you’re speaking to seems genuine and polite. To verify who you’re speaking to:
- Hang up and call back using a number from the organisation’s official website.
- Reach out to the business through any other official customer service channels on their website and ask if they’ve tried to contact you.
- Even if someone has seemingly verified who they are, still be mindful of red flags such as unusual, unexpected or urgent requests – these are hallmarks of a fraudster.
Act: inform your bank, or trusted organisation
If you’ve been targeted by a scam, there are steps you can take to help keep you and others safe:
- Contact your bank or trusted organisation immediately.
- Report the incident to Report Fraud – the UK’s national reporting centre for fraud and cybercrime. If you feel like the scam is putting you or someone else in danger, contact the police.
- Secure your other accounts. Update passwords and bolster security by enabling settings such as biometric access.
- Spread the word. Make it harder for fraudsters by raising awareness among your friends and family.
Monitor: look out for suspicious activity
Fraudsters may attempt to access your online accounts or even try to open accounts in your name, so look out for signs of unusual activity such as:
- Unexpected texts or emails, such as verification code or password reset requests.
- Unrecognised transactions on your statements.
- Unrecognised, newly opened accounts on your credit report.
Familiarise yourself with your bank or provider’s security measures. They’ll tell you what to do when something looks suspicious and what to expect if they genuinely need to contact you.
The final word
Fraudsters don’t discriminate and can target anyone, anywhere. So be vigilant and think SCAM if you are contacted out of the blue.
For more information on what you can do to protect yourself from fraud, visit our security centre.
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This article is for informational purposes only and is not a substitute for individualised professional advice. Articles on this website were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs International Bank, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. This article is not a product of Goldman Sachs Global Investment Research. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed.
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