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SCARS™ SCAM NEWS: Scam Victims Lose More Than £1,000.00 Each To Fraudsters
Some Victims Of Pension Scams 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 Fraud 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 ca