It is unsurprising in a world of online banking, memberships, subscriptions and advanced technology that fraud is the most commonly experienced crime in the UK. Everybody with an online presence is especially vulnerable, with a vast array of scams being a frequent type of fraudulent behaviour that slip under the radar and exact money.
Fraud accounts for over 40% of crime in England and Wales, with 3.5 million incidents experienced among adults between 2022-2023.[i] Whether losing small amounts of money or having an entire bank account emptied, the financial threat level of online scams varies but the emotional impact on the psyche can be damaging – especially in the turbulent times of the current world economy. Having an awareness of the types of online scams, and the procedures to follow in the event of one, is vital for dentists to know, allowing them to protect their finances, as well as their friends and family members, and stay focused on delivering excellent treatments without extra worries.
Ways to get you
A scam is when someone deceives you into divulging personal or financial information which is then used to steal from you. There are many variations of an online scam, including:
- Phishing, in which criminals trick individuals to reveal sensitive information
- Romance scams, in which criminals on dating apps pretend to be someone else to obtain information
- Investment scams, where money is willingly put into a scheme that doesn’t exist
- Identity theft, where criminals use your personal information and pretend to be you to commit fraud
Identifying a scam is proving increasingly difficult, with criminals constantly adopting new techniques and approaches. Previously, scams were more apparent due to elements like poor spelling and grammar, unusual email addresses or using images or websites that look unprofessional or uncanny.[ii] Advances in technology have since given way to more sophisticated scams, and knowing the common signs is essential.
Warning signs
Some recurring elements in scams include offers about one-time opportunities to make or save money, a text or call from someone you haven’t met who needs help, or a message from an unrecognised mobile number that contains numerous links, attachments or QR codes. If you receive such messages, especially those masquerading as a company like a bank, you should check with the company first, contacting them only through their website to determine if it’s a scam or not.
Preying on more fearful victims, some scams may claim to be someone official and threaten action if money is not paid quickly. This could be a criminal pretending to be HMRC and suggesting legal action will be taken against you if a payment isn’t made right then and there. You should always remember that the government is unlikely to be calling you and asking for instant money – using the correct channels of communication on the government website is the best way to confirm the scam. Forwarding suspicious emails to the National Cyber Security Centre or suspicious texts to 7726 will report the source of the message for investigation.[iii]
A more recent phenomenon among online scams is the use of AI-generated images, videos or websites that are far more believable for the unsuspecting. From creating explicit photos to deepfake videos, or promoting fake products, services or investments, AI programmes are increasingly realistic. Receiving videos of ‘family members’ or ‘celebrities’ asking for money is common – a lady recently made headlines for paying ‘Brad Pitt’ $850,000 for a kidney treatment.[iv]
Impacts beyond finance
The psychological impact of being scammed can be damaging. 69% of fraud victims experience a decline in their mental health; anxiety, depression and low self-esteem are associated with being a victim of fraud.[v] From the initial panic of seeing money being taken, to the worry of being able to make ends meet financially, being scammed greatly affects quality of life and increases paranoia of it happening again.
Reliable insurance can cover your finances in the event of fraud. To have the best support in protecting your money, book a consultation with the expert financial advisers at money4dentists. Able to offer a wide range of services, including income protection, investments and mortgages and practice loans, money4dentists has over half a century of experience with keeping dentists in the best possible financial position.
Trust is no longer an online currency, and any message you receive should be treated with caution. Having a greater awareness of online scams better protects you and your loved ones, keeping your finances safe.
Authors: Richard Lishman and Sarah Guilford Senior Financial Adviser to money4dentists
For more information please call 0845 345 5060 or 0754DENTIST.
Email info@money4dentists.com or visit www.money4dentists.com
[i] National Crime Agency (n.d.). Fraud. [online] Nationalcrimeagency.gov.uk. Available at: https://www.nationalcrimeagency.gov.uk/what-we-do/crime-threats/fraud-and-economic-crime.
[ii] National Cyber Security Centre (2021). How to spot a scam email, text message or call. [online] www.ncsc.gov.uk. Available at: https://www.ncsc.gov.uk/collection/phishing-scams/spot-scams.
[iii] GOV.UK. (n.d.). Avoid and report internet scams and phishing. [online] Available at: https://www.gov.uk/report-suspicious-emails-websites-phishing.
[iv] Seipel, B. (2025). Breaking Down the Brad Pitt Scam: How it Happened and What We Can Learn | McAfee Blog. [online] McAfee Blog. Available at: https://www.mcafee.com/blogs/internet-security/brad-pitt-romance-scam-explained-how-to-prevent-scams/.
[v] Guardian staff reporter (2024). The secret health hell of being scammed: ‘I felt as though my mind was disintegrating’. [online] the Guardian. Available at: https://www.theguardian.com/society/2024/oct/23/secret-health-hell-being-scammed-felt-mind-disintegrating.
