Last Updated on by SCARS Editorial Team

SCARSSCARS SCARS - Society of Citizens Against Relationship Scams Inc. A government registered crime victims' assistance & crime prevention nonprofit organization based in Miami, Florida, U.S.A. SCARS supports the victims of scams worldwide and through its partners in more than 60 countries around the world. Incorporated in 2015, its team has 30 years of continuous experience educating and supporting scam victims. Visit www.AgainstScams.org to learn more about SCARS.SCAMScam A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. NEWS: Scam Victims Lose More Than £1,000.00 Each To Fraudsters

Some Victims Of Pension ScamsScams A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. Have Lost More Than £1m In Savings Each To Fraudsters, New U.K. Statistics Have Revealed.

Intelligence gathered by members of the multi-agency Project Bloom group, which was set up to tackle pension scams, has found some people who had managed to put away more than £1m have lost their retirement funds to criminals.

New Action FraudActionFraud Action Fraud is the UK’s national reporting centre for fraud and cybercrime where you should report fraud if you have been scammed, defrauded or experienced cyber crime in England, Wales and Northern Ireland. WEBSITE LINK data reveals that two people have reported that they have lost the seven-figure sums. However, as it is believed that the majority of scam victims never contact the authorities, this total may only be a fraction of the total number of people who have handed over such large pension pots.

On average, victims of pension scams lost £91,000 each to fraudsters in 2017. They reported receiving cold-calls, offers of free pension reviews and promises that they would get high rates of return – all of which are key warning signs of scams.

A ban on pension cold calling came into force earlier this month. Firms who break the rules could face penalties of up to half a million pounds.

Research conducted by the Financial Conduct Authority highlights that a large proportion of pension holders consider themselves to be too savvy to be scammed.

Nicola Parish, TPR’s Executive Director of Frontline Regulation, said:

“Victims of scams are often traumatised by what has happened to them and many inevitably are left questioning how they are going to afford to retire.

“The average loss of a victim is £91,000 but these Action Fraud reports show that people can also lose much, much more.

“However large your pension pot, you must be vigilant and able to spot and avoid a scam.”

Pauline Smith, Director of the U.K. Action Fraud, said:

“These statistics prove that the consequences of falling victim to a pension scam can be devastating.

“Victims can lose their life savings and are left facing retirement with little or no income.

“This is why it’s so important that you are vigilant if you receive an offer about your pension out of the blue and that you check who you are dealing with.

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