Anti-virus software and online protection company McAfee reported back in August 2024 on an AI-powered investment scam.
The scam used “deepfakes” – AI-generated videos designed to resemble real-life people – of Prince William and Keir Starmer to promote a fraudulent investment opportunity. The ad linked to a fake cryptocurrency platform used by scammers, designed either to harvest data or to part victims from their hard-earned money.
At HFMC, we have recently been made aware of a scam involving fraudsters using the names of some HFMC advisers and staff, targeting members of the public, saying we were assisting the FCA, so do stay vigilant.
Keep reading for a closer look at the scam, what to do if you are concerned about a potentially fraudulent approach, and the important red flags to look out for.
The scammers stated that they are working alongside the FCA and enquire about bitcoin accounts.
To help protect members of the public that don’t know us, and in response to these reports, we have added a security notice to our website.
The scammers will no doubt also be doing the same using names of other wealth professionals from other adviser firms too. After all it is common for the names of client facing staff to be on an adviser firm’s website.
It is unlikely HFMC will ever contact you out of the blue, so if you’re not expecting our call, we would suggest you consider the contact suspicious and a potential scam.
There are some other important red flags you can look out for, too.
3 scam red flags and what to do next
1. Unsolicited approaches
The UK government banned pension cold-calling back in January 2019. Of course, scammers exist outside of the law, and so you may still receive a pension call out of the blue.
If you do, whether from a company you’ve never heard of or someone claiming to be from a reputable pension company, you’ll know that this is a scam. Fraudsters could impersonate HFMC staff, or even an organisation such as HMRC or even the police.
Either hang up or take a name and then offer to ring the company back on a number you find yourself.
If an unsolicited approach arrives through email or text message, be sure not to click any links and consider deleting the message immediately.
You can report a suspicious text, if you feel comfortable doing so, by forwarding it to 7726. Suspicious emails can be forwarded to report@phishing.gov.uk and this could help to prevent someone else from falling victim.
2. Time-sensitive offers
Scammers hope to catch you off guard and will often bombard you with too-good-to-be-true offers. They’ll also make sure their offer is time-sensitive.
Imperatives to “act now” or any mentions of once-in-a-lifetime opportunities or expiry dates should be met with extreme caution. Exerting time pressure is a ploy to force you into acting quickly without thinking clearly or completing due diligence.
No legitimate and FCA-authorised investment or pension provider should look to rush you into a decision, so offers ending soon or investments with limited availability should raise immediate red flags.
Always take the time you need to step back and view an opportunity objectively, and don’t be afraid to simply hang up.
3. High-risk or overseas investments and non-regulated firms
High-risk or overseas investments might fall outside of FCA regulation, and this means your money is also unlikely to be covered by the Financial Services Compensation Scheme (FSCS).
Speak to us here at HFMC before you make any significant financial decisions, as there could be knock-ons for other areas of your plans, and we can also help you to identify potential scams.
If you are contacted by a firm and want to check whether they’re regulated, the FCA Register will quickly tell you. You can also visit the FCA’s ScamSmart page for further tips and advice.
Fraud is on the rise, but there are steps you can take
The UK Finance ‘Annual Fraud Report 2025’ confirms that £1.17 billion was stolen through fraud in 2024, from more than 3.3 million reported cases.
As scammers use increasingly sophisticated tactics and new technology, including AI, fraud can be harder than ever to spot. Staying vigilant is vital, so keep an eye out for red flags and never be scared to delete a message or put down the phone.
If you think you have fallen victim, contact Action Fraud using their online fraud reporting tool or by calling 0300 123 2040.
Get in touch
And remember, we’re on hand to help you make the right financial decisions for you.
Contact us online or call 020 7400 4700 before making any significant decisions if you don’t know an HFMC member of staff, weren’t expecting a call from us and have been contacted on the phone.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.
