Pension scammers are the lowest of the low, stealing people’s hard-earned savings and ruining the lives of people who have worked hard for decades to get the retirement they want.
These callous crooks are always changing their tactics and, after the government introduced the cold calling ban in 2019, many moved the goal posts to ensure their nefarious schemes were tricky for even the savviest to spot.
Fraudsters now prefer to use more sophisticated online scams, contacting victims through social media and promising a too-good-to-be-true return on investment – often boasting returns that are 7-8 per cent higher than normal.
This type of unscrupulous behaviour hasn’t gone away during the pandemic either – where there’s a crisis, there are also those who try to take advantage. Figures for January to August 2020 show that £1.22m in pensions assets was stolen due to cloned websites, contributing to a total of £78m…