Losses from pension fraud rose to £1.8 million in the first three months of this year, according to figures from Action Fraud.
107 reports of pension fraud were made in the first quarter of 2021, an increase of almost 45% when compared to the same period in 2020.
Pension scams often include free pension reviews, ‘too good to be true’ investment opportunities and offers to help release money from your pension, even for under 55s, which is not permitted under the pension freedom rules.
Pauline Smith, Head of Action Fraud, said: ‘Criminals are malicious and unapologetic when it comes to committing pension fraud. They are motivated by their own financial gain and lack any kind of empathy for their victims, who can often lose their whole life savings to these scams.
‘We know pension fraud can have a devastating impact, both financially and emotionally, but any one of us can fall victim to a fraud and it’s nothing to feel ashamed or embarrassed about. It’s incredibly important that instances of pension fraud and attempted scams are reported to Action Fraud.
‘Every report helps police get that bit closer to the people committing these awful crimes. Reporting to Action Fraud also allows our specialist victim support advocates to provide people with important protection advice and signpost them to local support services.’