RESIDENTS are being urged to stay alert and protect their pensions, after figures revealed that more than £518,000 was lost to pension fraud in the region last year alone.
According to Action Fraud, a staggering £17.5million was stolen nationally through pension scams in 2024 – equating to around £48,000 lost every single day.
Action Fraud, with support from the Pension Scams Action Group (PSAG), launched a pension fraud awareness campaign, warning people to take extra measures to protect their pension scheme accounts and to be cautious of investment opportunity offers from criminals that could be targeting them.
It said criminals are using increasingly sophisticated tactics to target savers, especially those approaching retirement with the most common methods include investment fraud pressuring tactics, and account takeovers of a victim’s pension scheme by impersonating them.
Detective Sergeant, Joe Ingram-Gettins from West Midlands Police’s Force Cyber Crime Unit said: “Pension fraud is a devastating crime that targets people’s life savings and future security. It robs people of the futures they’ve worked so hard to build, often leaving them with nothing.
“In our region alone, over half a million pounds has already been lost to pension scams. That’s why we’re urging everyone, especially those nearing retirement, to be extremely cautious.
“If someone contacts you unexpectedly about your pension, pressures you to act quickly, or promises guaranteed high returns, stop and think as it could be a scam.
“Always get independent financial advice before making any decisions, and if something doesn’t feel right, report it to Action Fraud. Speaking up could protect not just your savings, but someone else’s too.”
The following advice have been given to protect against pension fraud:
- Secure your online pension account: the account you use to manage your pension should have a different password to all of your other accounts. Use three random words to create a strong and memorable password, and enable 2-step verification (2SV).
- Ignore unsolicited calls about your pension: cold calling about pensions is illegal and likely a sign of a scam. If you’re thinking about changing your pension arrangements, you should get financial guidance or advice beforehand.
- Investment opportunities: don’t be rushed into making an investment. Remember, legitimate organisations will never pressure you into investing on the spot.
- You should treat investment opportunities with extreme caution if there’s pressure to invest, downplayed risk of losing your money and promised returns that sound too good to be true.
Anyone who believes they have been a victim of pension fraud, or contacted by a criminal, report it to Action Fraud at actionfraud.police.uk or by calling 0300 123 2040.
Anyone who has made a payment should inform their bank or pension provider as soon as possible, they can help you prevent any further losses and monitor bank and pension statements regularly for any unusual activity.
