Action Fraud has revealed that two people have reported to the service, that they have lost more than £1 million each to pension scams. However, Action Fraud believes this is only the tip of the iceberg as many victims never contact the authorities to report it and so the total amount of people who have handed over such large pension pots is unknown.
In 2017, the average loss of pension scams was £91,000. Victims reported receiving cold-calls, offers of free pension reviews and promises that they would get high return rates, all of these promises are warning signs of … Read more