‘High-stakes’ frauds and fake texts among scammers’ tactics, Barclays warns

High-stakes fraud and traditional text message scams are being favoured by fraudsters, according to data from a major bank.

Barclays said that its own data indicates investment scams, which often involve significant amounts of money, are making up a growing proportion of the value of fraud cases reported to it.

Investment scams accounted for 47% of the value of claims in 2025, up from 39% in 2024 and 32% in 2023, Barclays said.

Such frauds represent just 7.1% of the total volume of claims, the bank said.

Barclays warned about the growing use of deepfakes to make investment opportunities appear genuine.

But the bank also said its data indicates that scammers are also pivoting towards more traditional channels, such as fake texts.

Such scams often surge during key moments such as tax deadlines and peak periods for postal deliveries.

Barclays’ fraud and scams expert Kirsty Adams said: “Scammers are continuing to adopt new tactics, and as a result, we’re seeing a shift in the nature of scams reported by our customers.

“While fraudsters are targeting victims with higher-stakes opportunities, we are witnessing the resurgence of scams coming via text message.

“Looking ahead to 2026, we’re hopeful we will see continued progress in the fight against fraud, in the form of cross-industry collaboration.”

Barclays analysed account customer data from January 1 2023 to October 31 2025.

Here are some suggestions from Ms Adams for staying ahead of scammers in 2026:

1. Do not disclose personal details. Your bank will not ask you for your debit card Pin, your password, or your complete online banking login details.

2. Verify company details. If you are in doubt about a company that has contacted you by phone, it is always worth double-checking their contact details. Check official websites and call the listed number directly.

3. Take your time. When making purchases online or committing to an investment, do not be forced into making any hasty decisions. Always remember that legitimate organisations should not push you into anything.

4. Be sceptical of promises. Remain sceptical of any promise of unrealistic investment returns.

5. Beware of scam texts. If you are sent a one-time passcode to authorise a payment or registration, always read the full message to check it matches up with what you are doing. If it does not, stop the transaction and do not use the code or give it to anyone.