UK. Cost of living crisis could worsen pension scams
The cost of living crisis could worsen the number of pension scams according to wellbeing specialist People-tech.
It warns people struggling with rising costs are likely to access their pensions and has relaunched a scam predictor tool.
The pension scam predictor works as savers are asked a range of straight forward questions that a scammer might use to coerce them into transferring their pension.
Once complete the predictor displays a likelihood of the pension transfer being a scam, listing the red flags and explanations.
A recent investigation by The Pensions Regulator (TPR) into a £13m pension scam is a reminder that sophisticated scams continue to grow.
Two fraudsters deceived 245 individuals to transfer their funds to phoney schemes.
The scam pension schemes were controlled by the defendants, transfers were worth an average of £55,000 and totaled £13.7m.
Past pension losses range from £1,000 to £500,000 according to TPR.
Figures from Action Fraud showed in July 2021 pension losses hover around £50,000 per transfer on average.
People-tech founder Saq Hussain said: “The cost-of-living crisis will inevitably lead to an increasing number of people becoming vulnerable to pension scammers and we want to do what we can to help protect them.
Read more @Money Marketing
396 views
