24 Nov 2020

Scams still on the rise

The Financial Conduct Authority continues its campaign to highlight the risks of scammers to the UK’s population. It seems that many victims of this crime have had their life savings taken away from them after the scammer has spent considerable time developing a relationship with them and building trust so when they finally mention a pension transfer, they haven’t been suspicious.

According to Action Fraud, more than £30 million has been lost to pension scams in the past 3 years, with individual losses varying from £1,000 to £500,000. Research has shown the typical victims are men in their 50’s, which would make sense as this is the age at which many people are considering when and how they can access their money.

As scammers become increasingly sophisticated and opportunist, as always, everyone must keep their guard up.