The festive period is usually the busiest time of the year for most Britons. With various social and spending commitments to keep track of, people may not be paying as much attention as they should to questionable emails or website content.
This can make them vulnerable to fraudsters – and frequently, pension scammers.
Fraud cases have increased dramatically over recent years. Indeed, figures from Action Fraud revealed that in July, pension fraud victims were losing an average of £50,949 per case, compared with £23,689 in 2020.
To make matters worse, this figure could be even higher, given that a large proportion of fraud cases go unreported.
It is vital that pension planners remain alert throughout the Christmas period and protect their hard-earned savings.
So, how can one spot a scammer? Here are a few points to consider…
Spotting the warning signs
Fraudsters are becoming increasingly sophisticated with their tactics to persuade people to part with their pension. However, there are some key warning signs which can give them away.
First and foremost, scammers attempt to catch potential victims off-guard by cold calling them on the telephone, or even by knocking on their door.
They will then use complicated financial jargon to confuse the individual before finally placing a great deal of pressure on them to make an immediate decision about transferring their pension funds to a new ‘investment’.
Language such as ‘once in a lifetime…
