Santander confirms '£5,000' fraud alert to customers

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Santander has issued a warning to its customers over online scams. It comes after one of its customers was almost scammed out of £5000 over an online investment scam. The banking…

Santander has issued a warning to its customers over online scams. It comes after one of its customers was almost scammed out of £5000 over an online investment scam.

It said: "Famous face promoting cryptocurrency? It might be fake. Fraudsters use fake celebrity endorsements, AI-made videos and social media ads to trick people into cryptocurrency scams - here's how it usually happens:

You see a celebrity promoting a cryptocurrency investment on social media. The video may look real, but it could be fake. Fraudsters can use AI technology, known as a deepfake, to copy someone's image and voice.

You enter your details and are contacted by someone claiming to be an investment expert. They help you set up an account. Sometimes, they even offer to do it for you.

You see your investment appear to grow. You may even be able to withdraw a small amount. This is often done to gain your trust and encourage you to invest more money.

When you try to withdraw your money, you're told to pay extra fees or taxes. After that, the fraudster stops responding. Your money is gone, and you may be targeted again.

The 2026 Annual Fraud Report showed that fraud is 'the most prevalent crime in the UK', with eight people being defrauded every minute, with almost £2,500 lost in that same minute. In 2025 alone, banks prevented £1.68 billion in unauthorised payment fraud, equivalent to 70p in every £1 of attempted attacks. Despite this £1.28 billion was stolen through various forms of payment fraud.

"The scale of the threat and the criminal nature of it damages our economy at a time when we need economic growth. The harm extends well beyond financial losses though: it damages livelihoods, affects victims’ mental health and erodes trust in the systems designed to keep customers safe," it said.

"Losses from frauds that frequently originate online, where people are manipulated into making payments for seemingly legitimate goods, services, or opportunities - including purchase, investment, and romance scams…

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