Worryingly COVID-19 opened up more avenues for scammers whether it be door-to-door scams or 'attractive' investments that pop up on google searches. Even before the events of the pandemic, regulators reported that pension scammers are continuing to prey on savers.
Analysis published in 2019 found that 181 people lost an average of £82,000 in 2018 – often scamming takes place over the course of just 24 hours.
The regulators suggest four simple steps to protect yourself from scams:
- Reject unexpected pension offers whether made online, on social media or over the phone
- Check who you're dealing with before changing your pension arrangements – check the FCA Register or call the FCA helpline on 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA
- Don't be rushed or pressured into making a decision
- Consider getting impartial information and advice
You can test how ScamSmart you are by taking a quiz on the ScamSmart site. Visit www.fca.org.uk/scamsmart to find out more, or watch our informative video below.