Action Fraud have released a warning to those with pension pots to protect, that scammers are targeting everyone with a pension, no matter how big or small.
Pension scams can be hard to spot. Scammers can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing. Some victims of pension scams have lost more than £1m to fraudsters, according to new figures, amid a surge in criminal activity targeting the savings of over-55s.
While the average amount swindled out of pension scam victims was £91,000, some people had lost seven-figure retirement nest eggs, said police and regulators. Victims of such scams, which typically begin with an unsolicited phone call or email, can end up losing their life savings and people have been urged to be on their guard. A ban on pensions cold-calling came into force this year. Action Fraud have issued the following in depth advice to help people protect their pensions.
How pension scams work
Scammers usually contact people out of the blue via phone, email or text, or even advertise online. Scammers design attractive offers to persuade you to transfer your pension pot to them (or to release funds from it). It is often then:
The warning signs: Scam offers often include:
4 simple steps to protect yourself from pension scams
Step 1 – Reject unexpected offers
If you’re contacted out of the blue about a pension opportunity, chances are it’s high risk or a scam. If you get a cold call about your pension, the safest thing to do is to hang up – it’s illegal and probably a scam. Be wary of offers of free pension reviews. Professional advice on pensions is not free, a free offer out of the blue from a company you have not dealt with before is probably a scam. Don’t be talked into something by someone you know. They could be getting scammed, so check everything yourself.
Step 2 – Check who you’re dealing with
Step 3 – Don’t be rushed or pressured
Step 4 – Get impartial information or advice
You should seriously consider seeking financial guidance or advice before changing your pension arrangements.
If you suspect a scam, report it
Be ScamSmart with your pension. To find out more, visit www.fca.org.uk/scamsmart
A couple from the South West, say they are stuck in a village in Corfu, which Mirrors a war zone.… Read More
Interval International Vacation Services has announced it is adding Marriott Vacation Club Pulse in San Francisco to it’s growing exchange… Read More
A timeshare exit company has been permanently barred from operating and ordered to pay hundreds of thousands of dollars back… Read More
Airline Passengers will pay an extra 50p on each ticket to fund travellers who need to be repatriated when their… Read More
We are a year into the Pandemic now which saw most of the world come to a complete standstill. Life… Read More
Vulnerable and elderly people are being targeted by scammers and coerced into spending thousands of pounds on designer watches and… Read More
This website uses cookies.