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How employees are being targeted by cybercriminals and what you need to do about it

What’s happened?

The UK’s National Cyber Security Centre (NCSC) has warned that cyber criminals are targeting company staff by pretending to be from internal IT teams. The alert comes after recent attacks on Marks and Spencer, Co-op and Harrods.

Recap on hacks..

Who are the hackers targeting? 🦹‍♂️

This is about employees, not customers. Criminals are impersonating IT help desks to trick staff into handing over login details and security codes. Senior employees with access to sensitive systems are especially at risk.

In the Q&A link of an apology email from Sherine, CO-OP CEO sent to members on Monday, it was stated that the attack has leaked residential and email addresses, phone numbers, names and dates of birth, but not passwords and bank details.

How are the attacks working?

Hackers are using a tactic called social engineering: manipulating people into trusting them through emails, calls or texts that appear to come from within the company. Often, they pretend to be IT support asking for login credentials. Other times, they contact the help desk while posing as an employee locked out of their account.

These tactics are becoming more common, and can lead to serious breaches if staff are not trained to spot them.

Cyber security experts now recommend additional layers of internal security to reduce risk.

What are companies being told to do? 😱

The NCSC is urging organisations to:

• Review how they verify staff identities before resetting passwords
  

• Add layers of protection such as code words

• Monitor for risky logins, like access from strange locations or at unusual times

Who is behind the attacks?

The NCSC has not confirmed who is responsible, but the tactics resemble those used by a group of English-speaking hackers known as Scattered Spider. They are loosely organised and often coordinate attacks on platforms like Telegram and Discord.

Hackers claiming responsibility for the current attacks told the BBC they are from a different group called DragonForce, and said they had accessed large amounts of Co-op customer and employee data. They did not comment on the M&S breach.

What to do about it

If you work in a company (especially one with a large team or sensitive systems), this is your reminder to:

• Be cautious of unexpected messages or calls claiming to be from IT
  

• Never share login credentials unless you are certain who you are speaking to
  

• Report anything suspicious to your internal tech or security team

Bank of England expected to cut rates as Trump’s trade war hits global economy

• The Bank of England is set to cut interest rates from 4.5% to 4.25% this Thursday

• Move comes after Donald Trump’s latest round of tariffs triggered fears of a global economic slowdown

• Some economists say the cut should be bigger to help protect UK jobs and growth

• UK inflation is currently at 2.6% but is expected to hit 3.7% this summer due to rising energy and food prices

• Confidence among UK businesses is falling as hiring slows and taxes rise

• The US Federal Reserve is also under pressure to respond, despite Trump’s public attacks on its leadership

More than half of homeowners are renovating instead of moving

What’s happened?

A new survey by Compare the Market shows that 52 percent of homeowners are choosing to “love and not list it”, Kirsty style and improve their current property rather than move, as mortgage rates and the cost of living make relocating less affordable.

Why are people staying put?

Top reasons include:

• The cost of moving

• Rising living expenses

• Emotional attachment to their current home

Among younger homeowners aged 25 to 34, nearly a third said high mortgage rates were the main reason for staying.

What kinds of renovations are popular?

The most common upgrades include:

• New bathrooms

• Garden improvements

• Updated kitchens

• Energy efficiency changes and smart home tech

How much are people spending?

The average spend is £15,987. Nearly 29 percent of homeowners reported spending more than £20,000.

88 percent of people encountered unexpected costs. The most common were:

• Higher than expected material prices

• Issues uncovered during the work

• Needing to pay tradespeople more than planned

What about home insurance?

22 percent did not check their insurance before starting work. Among homeowners aged 45 and over, that rose to 37 percent.

Compare the Market warned that failing to update your policy could leave you underinsured.

Why does this matter to me?

If you are planning work on your home:

• Check your insurance before getting started

• Let your provider know about any major changes

• Review your policy when the work is complete to make sure you are properly covered

More than half of first-time buyers relied on family help last year

What’s happened?

New figures from estate agency Savills show that 52 percent of first-time buyers in 2024 received financial support from family to buy a home. The average contribution was £55,572.

Often referred to as the Bank of Mum and Dad, this support can also come from grandparents or other family members. In total, families gave £9.6 billion in gifts or loans to first-time buyers last year.

Why is this happening?

Several financial pressures are making it harder to buy without help:

• High mortgage rates, especially for buyers with smaller deposits

• Rising rents, pushing people to buy sooner

• Changes to stamp duty in April that created a rush to buy before new rules kicked in
  

Who is buying, and at what age?

According to data from gov.uk:

• The 35 to 44 age group made 175,000 first-time buyer purchases in 2022 to 2023, accounting for 20 percent of the market. That’s down from 30 percent in 2021 to 2022.
  

• 16 to 24-year-olds made up just 7.4 percent of sales last year, a decline from 9 percent the year before.
  

• Those aged 45 and over now represent 13 percent of first-time buyer purchases, up from just 5 percent in 2019 to 2020.
  

According to Nuts About Money, 42 percent of all new first-time buyer mortgages now have an end date beyond the State Pension age of 66, up from 31 percent in 2021. More people are taking on loans that will last into retirement.

Is this a new trend?

Not exactly. Family help has long played a role, especially during times of financial pressure. In 2009, during the financial crisis, 70 percent of first-time buyers received help. Last year’s figure of 52 percent is slightly down from 2023, but still higher than most years in the last decade.

What has changed with stamp duty?

From April 2025, first-time buyers in England and Northern Ireland now pay stamp duty on homes costing more than £300,000, down from the previous £425,000 threshold. This hit buyers in the South of England hardest and contributed to a rush of purchases before the deadline.

Could things improve?

Possibly. Savills says regulators might allow lenders to loosen lending criteria, which could make it easier to qualify for mortgages. That may reduce how much family support is needed in future, even if demand for help stays high.

🏡 Guide: 5 moves to own your own home (without rich parents)

As one GFY community member shared: "I remember in my early 20s thinking I’d need £10k for a deposit… now that would get me absolutely nowhere! It was so tough, and it took us a very, very long time to save up for it on our own. I worry for the generation below us and our kids."

While a lump sum deposit might not magically appear, there are steps you can take to improve your chances of buying a home even without the support of parents. These strategies won’t turn the process into an overnight success, but they will give you more control over your financial future, and, crucially, help you decide whether homeownership is really what you want.

1. Report Your Rent to Build Your Credit Score

Rent reporting is one of the simplest ways to build your credit score without needing to take out a credit card or loan. If you're paying rent reliably each month, you can have those payments reported to credit reference agencies, boosting your credit position and helping you qualify for better mortgage deals in the future. This can mean paying less interest.

Apps like Emma and CreditLadder make this process straightforward.

How it works?

Emma securely reads your rent payments from your bank account and reports them on your behalf. Emma Plus users will have rent reported to Experian, while Emma Pro and Ultimate users will see their rent reported to Experian, TransUnion, and Equifax. CreditLadder also offers a similar service, allowing tenants to report rent to major credit reference agencies, helping them build a credit history through their regular payments.

A stronger credit score not only increases your chances of mortgage approval, but can also help you access finance at better rates, potentially saving you thousands over time.

👉 Want to give it a go? You can learn more about rent reporting here and try Emma here for free and start building your credit position today.

Note: GFY has an affiliate partnership with Emma. We only recommend products we have tried, tested and believe are genuinely helpful to our community. 

2. Use a Lifetime ISA to Boost Your Deposit

With a Lifetime ISA (LISA), you can save up to £4,000 a year, and the government will add a 25% bonus, meaning you could get up to £1,000 extra annually.

It’s one of the best schemes available to help first-time buyers build a deposit, but there are some restrictions to be aware of: the property you buy must be under £450,000, and you need to have the account open for at least a year before you can use the bonus. You can choose between a Cash LISA (for short-term saving) or a Stocks & Shares LISA (for long-term growth). There are currently ongoing campaigns petitioning for the £450,000 threshold to be increased.

3. Build Long-Term Wealth Through Investing

For many first-time buyers, saving alone won’t be enough to outpace rising house prices. That’s why investing can play a crucial role in building a deposit over time. Even small, regular investments can benefit from the power of compounding and grow more effectively than cash savings alone.

Note: Investing is best suited to those who can leave their money untouched for at least 3–5 years. That gives you enough time to ride out the natural ups and downs of the market and increases your chances of seeing positive returns. 

4. Consider Shared Ownership, but Read the Fine Print

If buying outright isn’t an option, Shared Ownership could be a stepping stone. It allows you to buy a share of a property (as little as 10%) and pay rent on the rest, usually at a lower rate than standard market rents. Over time, you can increase your ownership percentage, known as "staircasing", until you own the home outright.

However, this route comes with complexities: resale rules, leasehold restrictions, and service charges can add up. It’s not a perfect solution for everyone, but for those struggling to get a full deposit together, it can offer a way onto the ladder.

5. Reframe renting

Buying a home can feel like the ultimate financial goal, but it’s worth asking: is it actually what you want? Renting offers flexibility, whether it's the ability to move cities for career opportunities, avoid the costs of unexpected home repairs, or simply not be tied down to a mortgage. For some, that freedom can be just as valuable as owning a home. Quantify what renting allows you to do.

Others have made different choices entirely. One shared their experience in a Financial Confession about how they chose to spend a house deposit-sized sum on travel, highlighting that there’s more to life than homeownership, and that financial success comes in many forms.

Homeownership isn’t the only measure of financial success. Whether you’re saving for a deposit, investing for the future, or choosing to rent long-term, the key is making an intentional decision that works for your life.

Sources/Read More:

🦹‍♂️How employees are being targeted by cybercriminals - and what you need to do about it 

•  BBC, NCSC, Red Goat Cyber Security

🏡 More than half of homeowners are renovating instead of moving

• Compare the Market, Censuswide, PA Media

💸More than half of first-time buyers relied on family help last year

•  Savills, BBC, Moneyfacts, Yorkshire Building Society, gov.uk, Nuts About Money

📉 Bank of England expected to cut rates as Trump’s trade war hits global economy

• The Guardian, Oxford Economics, IMFWhat on Earth Happened with M&S Last Week?