As a result of the increased market uncertainty caused in part by the COVID-19 global pandemic, financial regulators are expecting to see a surge in pension scams. It is suspected that fraudsters will prey on people’s vulnerability and trick them into taking money out of their pension pots.
The Pensions Regulator, Financial Conduct Authority and the Money and Pensions Service have all recently issued warnings to pension savers urging them to not make any rash decisions and to be aware of the increase in fraudulent activity.
In fact, within the last month alone, Action Fraud (the UK’s national reporting centre for fraud and cybercrime) has already reported a 400% increase in COVID-19 related fraud and scams with losses totalling nearly £1 million. It’s now more important than ever to know how to spot the tell-tale signs of a pension scam and what you can do to avoid them.
Avoiding a pension scam – what to look out for?
The tactics that scammers use are evolving all the time, but there are some red flags which you can easily look out for to avoid falling victim to a pension scam.
We’ve created a useful infographic about how you can spot a pension scam and tips on where to get more information as well as who to contact if you suspect that you may have been targeted and want to report it.
The pension scams infographic is available for you to view here.
Your pension is one of your most valuable assets, so it’s essential you know how to protect yourself and your hard earned savings against scammers.
If you need more information about your pension in general, please feel free to contact us here.