Tag: regretted

TSB's survey revealed that people lost an average of £3,000 due to financial investment fraud on social media platforms. This warning comes as more individuals turn to unregulated advice through tech platforms and artificial intelligence (AI). The findings also showed that over half of those who followed financial advice on social media lost an average of £700, with 56% experiencing financial losses. The survey highlighted that the 25-34 age group was the most likely to act on financial advice from social media and utilize AI for advice. Half of this group have done so in the past year, with 27% seeking advice on savings and 18% on investments. Furthermore, around 49% of respondents stated that financial content on social media made them feel pressured to enhance their finances, with 33% considering changing their financial goals or career aspirations as a result. Carys Barnes, TSB's head of current accounts and savings, emphasized the importance of verifying online financial advice from trusted sources before acting on it. She also highlighted the significance of providing young people with access to financial education. Last year, the UK financial services regulator, the FCA, took enforcement action against 74 "finfluencers" who offer financial advice on social media without the necessary credentials. This marked a significant increase compared to previous years. According to BrokerChooser's data, there were 74 enforcement actions in 2025 and 27 in 2024. These actions included cease and desist letters, warning alerts, interviews under caution, criminal action, and arrests. Authorised payment fraud, often facilitated through social media, has become a serious issue according to the Royal United Services Institute (RUSI). Global losses from authorised payment fraud are estimated to reach £329bn in 2025, with criminals profiting at levels comparable to the illicit drugs trade. RUSI's report highlighted the rise in fraud-related Interpol notices and alerts globally, emphasizing the implications for institutional trust, economic stability, and the integrity of the global financial system. In conclusion, it is crucial for individuals to exercise caution when seeking financial advice on social media platforms and to verify information from reliable sources to avoid falling victim to financial scams.

Tag: regretted

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