Savers and those reaching retirement age are being warned to protect their pensions and look out for criminals trying to catch people out of their life savings, with Action Fraud revealing a total annual loss of \u00a317,567,249. This equates to roughly \u00a348,129 lost to this type of fraud per day in 2024.<\/b><\/p>\n
Data reveals there were 519 reports of pension fraud in total and \u00a317,567,249 lost in 2024, with an average loss of \u00a333,848 per person.<\/p>\n
Reporting analysis suggests the two most prevalent ways criminals targeted victims were investment fraud pressuring tactics, and account takeovers of a victim\u2019s pension scheme by impersonating them.<\/p>\n
Action Fraud, with support from the Pension Scams Action Group (PSAG), launched a pension fraud awareness campaign, warning people to take extra measures to protect their pension scheme accounts and to be cautious of investment opportunity offers from criminals that could be targeting them.<\/p>\n
Chief Superintendent Amanda Wolf, Head of Action Fraud and the National Fraud Intelligence Bureau (NFIB), said:<\/b><\/p>\n
\u201cWhen a person has their life savings swiped away by ruthless criminals, it can leave a devastating impact and leave people in limbo \u2013 that\u2019s why we\u2019re urging people to stay alert to the tactics of criminals targeting those who are saving and investing for their retirement.<\/i><\/p>\n
\u201cFeeling 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\u2019re unsure.<\/i><\/p>\n
\u201cAvoid 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. You can protect your accounts by choosing a strong, secure password and setting up the 2-step verification option.\u201d<\/i><\/p>\n
Gaucho Rasmussen, Executive Director of Regulatory Compliance at The Pensions Regulator, which leads PSAG, said:<\/b><\/p>\n
\u201cThese statistics are another alarming wake-up call and reveal the shocking reality of how much money is stolen from hardworking savers in just one year. Fraudsters are ruthless, using fake investment deals and impersonation scams to exploit vulnerabilities and get their hands on savers\u2019 hard-earned pensions. We urge every saver to \u2018stop, think and check\u2019 to protect their pension as if their future depends on it – because it does. That\u2019s why PSAG fully backs this campaign from Action Fraud as we fight back against criminals who devastate lives.\u201d<\/i><\/p>\n
Fraud Minister Lord Hanson said:<\/b><\/p>\n
\u201cFraud is a despicable crime, and we are determined to bring these shameful scammers to justice.<\/i><\/p>\n
\u201cDefeating fraud requires a united front and cross-sector collaboration. Initiatives like Protect Your Pension are crucial to helping people protect their hard-earned savings.<\/i><\/p>\n
\u201cBut 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.”<\/i><\/p>\n
How can you protect yourself against Pension fraud?<\/b><\/p>\n You should treat investment opportunities with extreme caution if there\u2019s:\u00a0<\/span><\/p>\n Remember to Stop! Think Fraud and find more information on how to protect yourself from fraud here: Stop! Think Fraud – How to stay safe from scams stopthinkfraud.campaign.gov.uk<\/a><\/i><\/p>\n What can you do if you have been a victim of pension fraud?<\/b><\/p>\n\n
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