Financial wellbeing and retirement specialist WEALTH at work is urging people to stay vigilant as the rise of artificial intelligence (AI), the growing influence of social media and increasingly sophisticated fraud tactics make it harder than ever to distinguish between trustworthy financial information and dangerous scams.

The warning comes as UK Finance’s Annual Fraud Report 2026 found that criminals stole £1.28 billion through fraud last year. More than four million confirmed cases were recorded across the UK, which is a new record high figure.

At the same time, research from Mintel found that people are increasingly turning to unregulated sources of financial information. Mintel’s research found that 30% of consumers now use finfluencers or AI tools to support their financial learning and decision-making. It highlights how economic pressures, AI-enabled scams and reliance on unregulated advice are reshaping consumer risk in the UK.

Recent figures from the City of London Police also show reports of AI-enabled fraud increased by 395% in 2025/26, rising from 193 reports in 2024-25 to 956 in 2025-26. During the same period, reported losses linked to AI-enabled crime increased from £1.2 million to £9.6 million, highlighting the rapidly growing role technology is playing in financial crime.

Jonathan Watts-Lay, Director, WEALTH at work, comments: "AI tools have a useful role, but people need to tread very carefully. Financial decisions, particularly those involving pensions, investments or retirement planning are highly personal and have long-term consequences. Relying solely on informal sources can leave people vulnerable to misinformation, poor decisions and potential scams."

Research undertaken by WEALTH at work among 2,000 UK workers with a defined contribution pension found that more than one in ten (14%) have not sought any pension guidance at all. Among those who have, over a quarter (28%) rely on informal sources such as friends, family, colleagues, AI tools or online forums rather than regulated or trusted sources.

The increasing trust being placed in AI is particularly concerning given growing evidence that many people misunderstand the protections available. Research from the Financial Conduct Authority found that 44% of adults aged between 18 and 40 believe financial information generated by AI is regulated, while more than a third (38%) believe it’s fine to make an investment decision based solely on the outputs of AI. Almost a third (32%) incorrectly think they would be entitled to compensation if AI-generated guidance led to financial losses.

Despite this worrying picture, workplace support remains underused. WEALTH at work's research found that 30% of employees do not seek support from anywhere in particular when managing their finances, while 29% rely primarily on friends and family. Just one in ten (10%) speak to a financial adviser and only 2% approach their employer for support.

Watts-Lay comments: “People increasingly turning to AI tools and social media for financial information presents both a challenge and an opportunity for employers. Workplaces have an opportunity to do more to promote trusted support and help employees understand where to obtain reliable guidance on important financial decisions.”

He adds: "Scammers are becoming increasingly sophisticated. AI is enabling criminals to create highly convincing messages, websites and communications that can appear to be legitimate. It has never been more important for people to take a step back, question what they're being told and verify information using trusted sources."

To help people recognise the warning signs, WEALTH at work has highlighted some of the most common phrases heard from scam victims:

• "They looked so professional."
• "It was a once-in-a-lifetime opportunity."
• "They seemed so friendly and knew so much about me."
• "If I didn't decide quickly, the opportunity would be lost."
• "They said they could help me access my pension early."
• "I didn't know how to check them out."
• "They kept contacting me and eventually I gave in."
• "I didn't report it straight away."
  

Watts-Lay adds: "Whether it's an investment opportunity, pension transfer or unexpected request for money, people should remember the Take Five message: Stop, Challenge, Protect. If something doesn't feel right, take time to verify it. Check firms on the FCA Register, use the FCA's ScamSmart service and never feel pressured into making a quick decision. Contact your bank immediately if you think you’ve been scammed and tell the police at reportfraud.police.uk or on 0300 123 2040."

He concludes: "Employers also have an important role to play. As AI-generated content becomes more widespread and financial scams become increasingly sophisticated, organisations should consider how they help employees access trusted sources of financial information. Implementing engaging financial education and guidance programmes, as well as providing access to workplace savings, regulated investment advice and other trusted financial support can help people build confidence, recognise warning signs and make more informed decisions. The more informed people are, the less likely they are to become victims of fraud or misinformation.