Devon and Cornwall Police are warning residents to be vigilant against pension fraud. Criminals are actively targeting people's life savings, with data from Action Fraud showing significant losses to this type of crime.
In 2024 alone, there were 519 reports of pension fraud, with a total of over £17.5 million lost. This works out to an average loss of over £33,000 per person.
How to Protect Yourself
Secure Your Online Pension Account
- Use a strong, unique password for your pension account that isn't used anywhere else. Consider creating a password using three random words.
- Enable two-step verification (2SV) for an extra layer of security.
Be Wary of any Unsolicited Contact
- If you receive a cold call about your pension, hang up immediately. Cold calling about pensions is illegal and is a major red flag for a scam.
- If you are considering changing your pension arrangements, seek independent professional financial advice first.
Spot the Signs of an Investment Scam
Be extremely cautious of any investment opportunity that:
- Puts you under pressure to invest quickly (e.g., "limited-time offers").
- Downplays the risks of losing your money.
- Promises returns that seem too good to be true.
What to Do If You Think You've Been Targeted
- IMMEDIATELY contact your bank: If you've made a payment to a potential scammer or revealed any of your personal or financial information, inform your bank or pension provider as soon as possible. They can help prevent further losses. You can call 159 to connect directly to your bank's fraud department. Note – Most but not all telecom providers offer this service.
- Report it: If you believe you have been contacted by a scammer or are concerned about a potential pension scam, report it to Action Fraud at actionfraud.police.uk or by calling 0300 123 2040.
- Be Alert: Regularly check your bank and pension statements for any unusual activity.
- Text Messages: You can report a suspicious text message by forwarding it for free to 7726.
- Suspicious emails: You can forward Phishing emails to report@phishing.gov.uk
For more information on how to stay safe from scams, visit Stop! Think Fraud at stopthinkfraud.campaign.gov.uk.
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