Sat Sep 14 14:36:00 UTC 2024: ## Pension Fraud on the Rise: Savers Urged to Stay Vigilant

**London, UK** – Pension fraud is on the rise, with reports of scams increasing significantly in 2023, according to Action Fraud. The organization received 559 reports of pension fraud last year, representing a total loss of £17,750,635, with an average loss of £46,959 per person.

The national fraud and cybercrime reporting service has launched a campaign to raise awareness about the growing threat of pension fraud. “Criminals will go to great lengths to trick anyone out of their money,” said Claire Webb, Acting Director of Action Fraud. “In this case, it’s someone’s life savings at risk.”

The organization is urging people to be vigilant and protect their pension pots and investments from fraudsters by doing their research before making any changes to their pension arrangements.

**Common Pension Scams:**

* **Free pension reviews:** Often a ploy to gather personal information and target individuals with unsuitable investments.
* **Too good to be true investment opportunities:** Promises of high returns with little risk are usually a red flag.
* **Pension transfer opportunities:** Be wary of unsolicited offers to transfer your pension to a different scheme, especially if you don’t fully understand the implications.
* **Offers to release money from your pension:** Be cautious about schemes that promise to unlock funds before you reach retirement age.

**How to Protect Yourself:**

* **Be wary of unsolicited offers:** Don’t engage with anyone who contacts you out of the blue about your pension.
* **Do your research:** Check the credentials of anyone you’re considering working with.
* **Get independent advice:** Consult with a financial advisor or other trusted professional before making any major decisions about your pension.
* **Report any suspicious activity:** Contact Action Fraud immediately if you suspect you may be a victim of pension fraud.

**April saw the highest number of reported losses, with 15% of the total reported losses in 2023. This suggests that individuals often check their pensions at the start of the new financial year, only then discovering fraudulent activity.**

Action Fraud emphasizes the importance of protecting your hard-earned savings and taking steps to prevent fraudsters from taking advantage of you. “Don’t let anyone rush you into making big decisions,” Webb advises. “Seek advice from an independent professional service or trusted family and friends.”

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