Fraudsters are using increasingly sophisticated impersonation tactics to target savers’ pensions.
The enhanced intelligence The Pensions Regulator and their partners are developing means they can detect these threats and take action to prevent harm earlier.
However, it must be recognised that fraudsters are persistent and opportunistic. Scammers will seize on any opportunity to take advantage of people – and advancements in AI have enabled them to develop fraudulent communications more convincingly than ever.
The following advice is issued by The Pensions Regulator to savers:
- Ensure your pension account details are up to date and your online account is secure. You can improve your online security by strengthening your password and turning on two-step verification where available.
- See Action Fraud for more advice on strengthening your security.
- Stop, think and check who you are dealing with.
- Reject contact out of the blue about your pension – even if it appears to be from an organisation you know and trust. Cold-calling about your pension is illegal. Do not click on a URL, reply to an email or use the contact details given.
- Check who you are dealing with, using the FCA’s register.
- If the contact is from an organisation you already know, always use their official website or contact details to check if it is from them.
- Avoid hasty decisions and contact MoneyHelper for free, impartial guidance before taking any action regarding your pension.
- Report – If you think you have been targeted by a scammer, report it to Action Fraud.
- If you have made a payment: inform your pension provider as soon as possible, they can help you prevent any further losses. Monitor your pension statements regularly for any unusual activity.
- Visit the Stop!Think Fraud website for more information on how to protect yourself.