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The Independent
09-07-2025
- Business
- The Independent
How to spot a get-rich-quick scam on social media
An increasing number of sharp-suited, seemingly successful financial influencers – often dubbed 'finfluencers' – are flooding our social media feeds, appearing in countless posts, promising a fast-track to wealth through just a few easy steps. Finance can be a complex topic to wrap you head around and although get-rich-quick posts may seem like an easy, quick way to make money, more often than not they are scams that can leave you even more out of pocket. A survey of 1,800 social media users, conducted by Censuswide in June and commissioned by TSB Bank, highlights growing concerns around financial advice on social platforms. It found that 31% of respondents had followed financial tips seen on social media – and of those, 55% reported losing money as a result. The survey also showed that social media can negatively impact users' perceptions of their finances, with 43% saying they felt worse about their financial situation after viewing wealth-related posts. Younger users were especially affected: 67% of those aged 16 to 24 and 61% of those aged 25 to 34 said such posts made them feel worse, compared to just 22% of people aged 55 and over. While some finfluencers may be acting legitimately, social media is unfortunately littered with an abundance of incorrect information and unregulated investments that could derail your finances. So, we got in touch with Beth Harris, head of financial crime at the Financial Conduct Authority (FCA), who explained how these scams work, and has highlighted some key red flags to look out for… How do these scams work? Get-rich-quick investment scams, also known as Ponzi schemes, pay returns to investors from their own money, or from money paid in by subsequent investors, according to Action Fraud's website. There is no actual investment scheme as the fraudsters siphon off the money for themselves. 'Unlawful finfluencers will often falsely flaunt lavish lifestyles including expensive cars and exotic locations to draw people in,' explains Harris. ' Consumers are promised guaranteed returns but in fact these can be highly risky investments or outright scams, and people risk losing their money. 'If they are dealing with an unauthorised firm or individual then they lose access to protections such as the Financial Ombudsman Service.' Who are they targeting? As these scams are primarily shared on social media, it's often young people who are falling for them. 'Our research found that increasing numbers of young people are falling victim to scams, and unauthorised finfluencers can be involved,' says Harris. 'Nearly two-thirds of 18 to 29-year olds follow social media influencers, 74% of those said they trusted their advice and 9 in 10 young followers have been encouraged to change their financial behaviour. 'While some will also be targeted as they 'doomscroll', with reels of content fed to them in response to their consumer profile.' What are some red flags to look out for? These get-rich-quick scams often attain a similar tone, phrases and characteristics, so here are a few warnings signs to keep your eyes peeled for… Unrealistic promises Get-rich-quick scams often use enticing promises of high returns with little effort or risk. 'Does the offer sound too good to be true? Fraudsters often promise tempting rewards, such as high returns on an investment,' says Harris. Pressure tactics Another common warning sign of a scam is feeling pressure to act quickly. 'Scammers might offer you a bonus or discount if you invest quickly, or they may say the opportunity is only available for a short time,' highlights Harris. Investments that are impossible to understand Take a moment to pause and reflect on the investment you are making. Make sure you fully understand what commitment you are making and where your money is going. 'Do you really understand the investment? We frequently see complex trading schemes being promoted that are fiendishly difficult to understand,' says Harris. Where can I check a finfluencer's or a company's legitimacy before making an investment? 'Consumers should check the FCA's Warning List before making any decision about how to invest their money,' recommends Harris. 'We issued 2,240 warnings about unauthorised or potentially scam firms in 2024. Our InvestSmart page also contains useful information to help people make better investment decisions.' What should you do if you have already fallen for a scam? The FCA can investigate and take action against scams involving financial services they regulate, which includes scams related to investments, pensions, loans, insurance, and other financial products. All other scams should be reported to Action Fraud. 'If you're worried about a potential scam, or you think you may have been contacted by a fraudster, report it to the FCA,' says Harris. 'This could help prevent others falling victim. For anything we don't regulate, or if you've lost money to a scam, contact Action Fraud on 0300 123 2040 or via their website.'
Yahoo
03-07-2025
- Business
- Yahoo
Spain's Santander buys TSB Bank to boost presence in the UK
Spanish Banco Santander S.A., the biggest lender in continental Europe by market capitalisation, is buying Scotland-based commercial bank TSB for £2.65 billion (€3.08bn). This is a major step to bolster the Spanish lender's future in the UK, as it has been struggling to keep its UK arm afloat. The acquisition of TSB Bank means 5 million customers will be transferred to Santander, who will keep a total of £35bn (€40.1bn) in their deposits. The combined entity will become the third-largest bank in the UK by share of personal current accounts and the fourth-largest by mortgages. However, TSB Bank's name and branding could disappear, as the Spanish lender intends to integrate TSB into the Santander UK group. Santander's chief executive Mike Regnier said to BBC, "We haven't made any decisions yet", but "we tend to use the Santander brand on the high street around the world". Related Sabadell Bank raises shareholder payout promise as BBVA eyes takeover Spanish bank BBVA will start offering bitcoin and ether trading Santander announces buyback plan while CA also sees earnings rise The Spanish bank is hoping to turn its fortunes around after it announced in March that it would cut hundreds of jobs and close a fifth of its branch network in the UK. TSB Bank has been a subsidiary of the Spanish Sabadell Group since 2015, which has now decided to sell the Edinburgh-based lender after it received unsolicited interest from another Spanish financial giant Banco Bilbao Vizcaya Argentaria (BBVA). Selling TSB Bank could weaken Sabadell's appeal as a merger target. The Spanish bank is expected to boost its returns to its shareholders, using the money it receives from Santander in the deal. It is part of a strategy where Sabadell seeks to retain shareholder interest as it attempts to repel the renewed takeover attempts from BBVA. Sabadell keeps a tab on its website for investors dedicated to the takeover bid, indicating how much shareholders would lose if they agreed to the merger. BBVA said on Monday that the bank 'is moving forward with the acquisition of Banco Sabadell,' despite Sabadell's opposition. Santander's deal is expected to generate a return on invested capital of over 20%. The common cost base of the two banks is expected to decline by 13%, equating to around £400mn (€466mn) in cost savings, according to the bank. A Santander spokeswoman did not rule out branch closures, and said to the BBC that there would be job cuts in the back offices without naming the number of jobs in danger. TSB announced in May that it would lay off 250 employees and close 36 branches. The bank has around 5,000 staff and 175 branches. Santander's deal, first, needs to gain the necessary regulatory approvals and a green light from Sabadell shareholders. After the announcement, the bank's shares were up by nearly 3% at midday in Europe. Sign in to access your portfolio
Euronews
02-07-2025
- Business
- Euronews
Spain's Santander buys TSB Bank to boost presence in the UK
Spanish Banco Santander S.A., the biggest lender in continental Europe by market capitalisation, is buying Scotland-based commercial bank TSB for £2.65 billion (€3.08bn). This is a major step to bolster the Spanish lender's future in the UK, as it has been struggling to keep its UK arm afloat. The acquisition of TSB Bank means 5 million customers will be transferred to Santander, who will keep a total of £35bn (€40.1bn) in their deposits. The combined entity will become the third-largest bank in the UK by share of personal current accounts and the fourth-largest by mortgages. However, TSB Bank's name and branding could disappear, as the Spanish lender intends to integrate TSB into the Santander UK group. Santander's chief executive Mike Regnier said to BBC, "We haven't made any decisions yet", but "we tend to use the Santander brand on the high street around the world". The Spanish bank is hoping to turn its fortunes around after it announced in March that it would cut hundreds of jobs and close a fifth of its branch network in the UK. TSB Bank has been a subsidiary of the Spanish Sabadell Group since 2015, which has now decided to sell the Edinburgh-based lender after it received unsolicited interest from another Spanish financial giant Banco Bilbao Vizcaya Argentaria (BBVA). Sabadell's efforts to repel BBVA's interest Selling TSB Bank could weaken Sabadell's appeal as a merger target. The Spanish bank is expected to boost its returns to its shareholders, using the money it receives from Santander in the deal. It is part of a strategy where Sabadell seeks to retain shareholder interest as it attempts to repel the renewed takeover attempts from BBVA. Sabadell keeps a tab on its website for investors dedicated to the takeover bid, indicating how much shareholders would lose if they agreed to the merger. BBVA said on Monday that the bank 'is moving forward with the acquisition of Banco Sabadell,' despite Sabadell's opposition. Santander's deal is expected to generate a return on invested capital of over 20%. The common cost base of the two banks is expected to decline by 13%, equating to around £400mn (€466mn) in cost savings, according to the bank. A Santander spokeswoman did not rule out branch closures, and said to the BBC that there would be job cuts in the back offices without naming the number of jobs in danger. TSB announced in May that it would lay off 250 employees and close 36 branches. The bank has around 5,000 staff and 175 branches. Santander's deal, first, needs to gain the necessary regulatory approvals and a green light from Sabadell shareholders. After the announcement, the bank's shares were up by nearly 3% at midday in Europe.
Scoop
26-06-2025
- Business
- Scoop
TSB Lifts Profit And Builds Momentum For Digital Investment
TSB Bank has reported another year of strong financial performance and strategic progress. The Bank delivered a net profit before tax of $57.6 million for the year ending 31 March 2025, up $6.7 million on the previous year. In the 2025 financial year $15m in dividends have been declared to shareholder Toi Foundation Holdings Limited (the investment management entity of philanthropic organisation Toi Foundation), an increase on the $10m declared in the prior financial year. Performance was underpinned by a $7.8 million increase in net operating income and a 1.7% reduction in operating costs. Lending and deposit growth remained strong, with commercial lending up 29% and deposits increasing by 2%. TSB also maintained strong asset quality, with non-performing loans at just 0.5%, below the industry average of 0.7%. Chair Mark Darrow says the results reflect the Bank's focus on simplifying operations to pave the way for accelerated investment in digital capability. 'TSB is now in a strong position to evolve into a digital-first bank that delivers on the expectations of modern consumers and businesses, while staying true to our customer-first values and high-quality service,' Darrow says. 'We're laying the foundations for long-term growth by investing in the right technologies, talent and tools. Our goal is to build a bank that earns trust through great service today and innovation for tomorrow - and to do so in a way that reflects our deep community roots.' Chief Executive Officer Kerry Boielle says TSB's progress is a testament to the hard mahi of our people and our ongoing commitment to delivering more for our customers and communities. 'We've made great progress this year in strengthening our systems and products, so in the year ahead, people can expect TSB to step up and offer more for everyday New Zealanders and small to medium sized businesses. 'With our community background we know we can provide a fantastic level of care in this space, so that's where we're focused on improving our offering.' TSB was named Canstar's Bank of the Year for Credit Cards for the third consecutive year in 2025 - recognition of its focus on delivering customer value. The Bank also continued to invest in customer protection, enhancing fraud prevention systems including rolling out Confirmation of Payee. Looking ahead, Boielle says regulatory reform is needed to support improved competition and innovation across the sector. 'While regulation is essential to a safe banking system, some requirements are disproportionate and hinder innovation. 'We're calling on policymakers to introduce true proportionality in banking legislation so that New Zealand-owned banks like TSB can invest more rapidly in the products and services our customers need.' With TSB celebrating its 175th anniversary in 2025, Darrow says the Bank is focused on future growth. 'We're incredibly proud of our legacy and excited about what lies ahead. Our ambition is to become New Zealand's digital bank of choice – one that continues to put people first for generations to come.'
Yahoo
19-06-2025
- Business
- Yahoo
Natwest top pick to acquire TSB
British banking juggernaut Natwest Group has been pegged as the 'most likely acquirer' of TSB Bank. Natwest returned to private ownership last month, ending a nearly two-decade-long banking saga and setting the lender up for a deals spree. The bank has purchased over £5bn worth of shares from the Treasury as part of its directed buyback program in the last four years, which now frees up bundles of capital for the lender. 'We think that this transaction makes the most sense for Natwest,' RBC analysts Pablo de la Torre Cuevas and Benjamin Toms said. 'Management has been the most open around potential merger and acquisition.' Analysts said a sales transaction could reach £2.6bn, which would 'not require Natwest to raise capital'. Cuevas and Toms said the takeover would help Natwest 'participate in UK consolidation, whilst increasing its market share in mortgages, where the bank is currently under weight.' TSB Bank's owners, Banco Sabadell, confirmed they had received expressions of interest over a potential takeover of their UK unit on Monday. Sabadell said it 'will assess any potential binding offer it may receive'. TSB was previously owned by Lloyds Banking Group and was acquired by Sabadell in 2015 for £1.7bn. Lloyds could be out of the running for a takeover due to 'market share concerns'. The Competition and Markets Authority (CMA) assesses merger and acquisition deals to ensure they don't substantially lessen competition. Lloyds, as the largest retail bank in the UK, may face scrutiny that a takeover could make it too dominant. But analysts noted the government's ousting of Marcus Bokkerink, former head of the CMA, could 'help facilitate UK deals, meaning that even Lloyds could kick the tyres on TSB.' Analysts said Natwest could afford the takeover through a £1.1bn reduction to buybacks and a marginal hit to its CET1 ratio, which indicates how well-capitalised and more likely to withstand financial stress. Natwest booked £1.8bn in pre-tax profit for the first quarter of the year, surpassing the £1.6bn pencilled in by analysts. A potential takeover would follow an £11bn bid by the group for Santander UK's retail arm earlier this year, according to reports from the Financial Times. Talks between the two lenders are no longer active, but should the takeover have gone ahead, it would have birthed the biggest banking deal since the financial crisis. The bank kicked off its shopping spree last year after snapping up the majority of Sainsbury's banking assets and purchasing Metro Bank's £2.5bn residential mortgages portfolio. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
