£28 Million Lost by Cyber Crime Victims
City of London Police warn that hacking of social media and email accounts are at the forefront of cyber crime.
Action Fraud is warning savers to remain vigilant and protect their pensions, as figures from the national reporting centre for fraud and cyber crime reveal £1.8 million has already been lost to pension fraud this year.
Data from Action Fraud shows a steady fall in pension scam reports from 1,788 in 2014 to 358 in 2020 – a reduction of almost 80 per cent.
However, there has been an increase in reporting so far this year, with 107 reports of pension fraud received in the first three months of 2021. This is an increase of almost 45 per cent when compared to the same period in 2020.
Sadly, the true scale of pension fraud is likely to be much higher than what is being reported, as victims often don’t realise they have been scammed until many years later.
Some simple steps to protect yourself from pension scams
If you suspect a scam, report it
If you think you’ve been a victim of pension fraud, contact your pension provider immediately and report it to Action Fraud online at actionfraud.police.uk or by calling 0300 123 2040.
You can also report an unauthorised firm or a scam to the FCA by using their reporting form or by calling 0800 111 6768.
Cold calls about your pension are illegal. You can report nuisance calls and messages to the Information Commissioner’s Office using their online reporting tool or by calling 0303 123 1113.
If you've agreed to transfer your pension and now suspect a scam, contact your pension provider straight away. They may be able to stop a transfer that hasn't taken place yet. If you are unsure of what to do contact the Pensions Advisory Service for help.