Anyone can become a victim of investment fraud. Many people lose their entire life savings to investment scammers.
|Fraudsters may cold-call you by telephone, on the doorstep or online. They will try to sell you investments that they claim will lead to higher financial gains than those of established investments like ISAs. In reality the investment offered may not exist or is worthless.
Pension scams -
Pension scams are a type of investment fraud. Scammers design attractive offers to persuade you to transfer your pension pot to them (or to release funds from it). It is then often invested in unusual and high-risk investments like overseas property, renewable energy bonds, forestry, or simply stolen outright.
Since April 2015, people have been able to access their pension savings when they reach 55. Scammers are now targeting this age group and trying to con them out of their pension money.
Fraudsters spend hours researching you for their scams, hoping you’ll let your guard down. They will look plausible, may have mocked-up glossy brochures and use befriending techniques over a period of time to gain your trust.
Here’s how to protect yourself:
1. Don’t be rushed or pressured - Genuine companies will give you time to consider your options.
2. Don’t be afraid to reject any offers
3. Get impartial information or advice - You can find an adviser through the Society of Later Life Advisers (0333 2020 454) or Unbiased (0800 023 6868)
4. Check who you are dealing with - Check with the Financial Conduct Authority (0800 111 6768) to see if a company is registered; don’t rely on data from Companies House.
If you suspect you have been a victim of a pension or investment scam:
Report it to Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk
Report it to the FCA on 0800 111 6768 or at www.fca.org.uk/consumers/report-scam-us
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