Police warn of pension fraud scams after Nottinghamshire victims lose thousands of savings

Nottinghamshire Police has warned the community to be wary of fraudsters in a new campaign highlighting the dangers of pension fraud.

Monday, 3rd May 2021, 10:00 am

Fraudsters continue to target victim's pensions across Nottinghamshire and officers have backed a new campaign by Action Fraud to 'Protect your pension’ to help spread awareness of the scams.

Figures from the national reporting centre for fraud and cybercrime reveal £1.8 million has already been lost to pension fraud this year.

Data from Action Fraud had previously shown a steady fall in pension scam reports from 1,788 in 2014 to 358 in 2020, however there has been an increase in reporting so far this year, with 107 reports of pension fraud received in the first three months of 2021 – an increase of almost 45 percent when compared to the same period in 2020.

Scammers are targeting pensions

Nottinghamshire Police's Fraud & Cyber Protect Officer Laura Murdock said: "Pension scams are devastating for the victims and their families.

"Frauds like these where they target the elderly or vulnerable are horrible – especially when you meet the victims in person and you can see how losing life-changing sums affects people.

“Savers must be cautious about making decisions about money that may have taken a lifetime to build, as it can be snatched away in an instant.

“Learning the signs of a scam can help prevent savers becoming a victim in the first place.

"Before making decisions about their pension, savers should visit The Pensions Advisory Service website for impartial guidance or get financial advice from a Financial Conduct Authority authorised financial adviser.

"If you’re contacted out of the blue about your pension, stop and think.

"Our advice would be to immediately hang up or, if you receive any emails, texts or social media messages regarding fraud to simply ignore them.

"You should always consider seeking professional financial advice before changing your pension arrangements and please don't feel rushed or pressured into making a decision. "People who have lost money through a scam should call Nottinghamshire Police on 101 so officers can preserve evidence as quickly as possible."

If you think you’ve been a victim of pension fraud, contact your pension provider immediately and report it to Action Fraud online at actionfraud.police.uk or by calling 0300 123 2040.

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