Protect yourself from pension scams

UNDERSTANDING THE WARNING SIGNS TO KEEP YOUR MONEY SAFE


Being online more means criminals have a greater opportunity to approach unsuspecting victims with their scams. Online scams can have a devastating financial and emotional impact on victims.



Pension scammers are bombarding the public with scam calls, texts and emails and it can be easy to fall victim to such a scam.


Anyone thinking about making an investment should always do their research first, visit the Financial Conduct Authority’s (FCA) website and double check every detail before handing over any money or personal details.


HOW AND WHERE FRAUD CAN OCCUR

One of the best defences is to understand how and where fraud can occur. People should be wary of unexpected contact that comes out of the blue, such as cold calls, letters or emails, and they should be sceptical of unusually high or unrealistic returns. If an offer looks too good to be true, it probably is.


People should also be wary if they come under pressure to quickly withdraw money from a pension or complete a transfer. The best option for people considering transferring a pension or withdrawing money as they retire is to speak to a qualified professional financial adviser.