#ProtectYourPension campaign aims to tackle high levels of pension fraud
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A new campaign by Action Fraud, supported by the Pension Scams Action Group, warns people to protect their pensions after last year saw 519 reports of pension fraud, with £17.6m of retirement savings lost. Investment fraud and impersonation are believed to be the main ways criminals steal from savers.
The figures are only slightly lower than in 2023, when there were 559 reports of pension fraud with over £17.7m lost.
Action Fraud believes the two most common ways criminals targeted victims last year were investment fraud pressuring tactics, and account takeovers of a victim’s pension scheme by impersonating them.
“Feeling pressured into an investment opportunity on the spot is a sign of fraud – legitimate organisations will never make you feel this way. Approach any investing offer with caution and seek independent financial advice if you’re unsure,” said Ch Supt Amanda Wolf, who heads up Action Fraud and the National Fraud Intelligence Bureau.
She also warned people to “avoid unsolicited phone calls about pensions, it could be a criminal trying to gather personal information to impersonate you and gain access to your pension scheme account, inevitably stealing your hard-earned cash”.
Action Fraud advises choosing a strong password – for example three random words – and setting up 2-step verification for greater protection.
Gaucho Rasmussen, executive director of regulatory compliance at the Pensions Regulator, which leads PSAG, called the figures “another alarming wake-up call”.
“Fraudsters are ruthless, using fake investment deals and impersonation scams to exploit vulnerabilities and get their hands on savers’ hard-earned pensions. We urge every saver to ‘stop, think and check’ to protect their pension as if their future depends on it – because it does,” Rasmussen said.
Fraud minister Lord Hanson said defeating fraud requires a united front and cross-sector collaboration.
“But we all have a part to play and my message to the public is simple: be cautious, be alert and be vigilant, especially when managing your money. Together, we can take the fight to the fraudsters and keep our life savings safe,” he added.
TPR recently revealed that a total of £81.5m was paid in compensation in the last year, to around 2,016 scam victims in 58 pension schemes, with more payments to follow this year and next.
The figures are only slightly lower than in 2023, when there were 559 reports of pension fraud with over £17.7m lost.
Action Fraud believes the two most common ways criminals targeted victims last year were investment fraud pressuring tactics, and account takeovers of a victim’s pension scheme by impersonating them.
“Feeling pressured into an investment opportunity on the spot is a sign of fraud – legitimate organisations will never make you feel this way. Approach any investing offer with caution and seek independent financial advice if you’re unsure,” said Ch Supt Amanda Wolf, who heads up Action Fraud and the National Fraud Intelligence Bureau.
She also warned people to “avoid unsolicited phone calls about pensions, it could be a criminal trying to gather personal information to impersonate you and gain access to your pension scheme account, inevitably stealing your hard-earned cash”.
Action Fraud advises choosing a strong password – for example three random words – and setting up 2-step verification for greater protection.
Gaucho Rasmussen, executive director of regulatory compliance at the Pensions Regulator, which leads PSAG, called the figures “another alarming wake-up call”.
“Fraudsters are ruthless, using fake investment deals and impersonation scams to exploit vulnerabilities and get their hands on savers’ hard-earned pensions. We urge every saver to ‘stop, think and check’ to protect their pension as if their future depends on it – because it does,” Rasmussen said.
Fraud minister Lord Hanson said defeating fraud requires a united front and cross-sector collaboration.
“But we all have a part to play and my message to the public is simple: be cautious, be alert and be vigilant, especially when managing your money. Together, we can take the fight to the fraudsters and keep our life savings safe,” he added.
TPR recently revealed that a total of £81.5m was paid in compensation in the last year, to around 2,016 scam victims in 58 pension schemes, with more payments to follow this year and next.
