Scammers target over £2 million in pension pots in the last five months

19 Aug 2021

A recent poll by the Financial Conduct Authority (FCA) has found that, despite 68% of respondents claiming they were confident they could spot the signs of a pensions scam, only 28% realised that a free pension review was a sign of a scam and just 40% knew to be wary of opportunities to transfer your pension.

28% of respondents said that they felt more at risk of a pension scam now than before the COVID-19 pandemic and, of those who felt more at risk, 65% felt that scammer tactics had become more sophisticated and harder to spot during the pandemic.

The FCA also reported that a total of £2,241,774 has been lost to pension scammers since the start of 2021, with an average loss of £50,949, which is more than double last year's average.

Visit www.fca.org.uk/news/press-rele... for a reminder of how to spot the signs and always remember… if it sounds too good to be true, it probably is!