Losses to pension fraud so far in 2021 reach £1.8m
There has been a reporting increase of almost 45% compared to 2020
Action Fraud has revealed £1.8m has already been lost this year to pension fraud, as it warns savers to be vigilant and protect their pensions.
The national fraud and cybercrime reporting centre revealed there has been an increase in reporting so far this year compared to previous years, with 107 reports of pension fraud received in the first three months of 2021.
This is an increase of almost 45% when compared to the same period in 2020.
Related articles
Until this year, data from Action Fraud showed a steady fall in pension scam reports from 1,788 in 2014 to 358 in 2020 - a reduction of almost 80%.
Standard Life Aberdeen says 66% of retirees will run out of money
The UK government has spent millions promoting the need for pension and retirement savings, but recent studies have shown Brits have not listened to the message.
Standard Life Aberdeen has found two-thirds of adults retiring this year in the UK are at risk of not having enough savings put aside to fund their post-work life.
The firm also discovered that the ‘class of 2021’ expects to spend an average of £21,000 ($29,050, €24,245) a year in retirement – a much lower figure than the 2020 average UK household income of £29,000, according to the Office for National Statistics (ONS).
Action Fraud reveals £1.8m in pension fraud so far this year
By Tom Higgins 21
st April 2021 3:41 pm
Action Fraud has issued a warning to savers to protect their pensions amid an uptick in cases this year.
The group, which handles reports of fraud and cybercrime, has revealed £1.8m has already been lost to pension fraud this year alone.
Moreover, Action Fraud anticipate the true scale of pension fraud to be much higher than what is being reported, as victims often do not realise that they have been scammed until many years later.
Action Fraud has seen an increase in reporting so far this year, with 107 reports of pension fraud received in the first three months of 2021. This is an increase of almost 45% when compared to the same period in 2020.
April 20, 2021, 12:04 am
Some £1.8m has already been lost to pension fraud this year, according to Action Fraud (Posed by model/Yui Mok/PA)
Sign up for our daily newsletter featuring the top stories from The Press and Journal.
Thank you for signing up to The Press and Journal newsletter.
Something went wrong - please try again later. Sign Up
Some £1.8 million has already been lost to pension fraud this year, according to the UK’s scams reporting centre.
Action Fraud, which released the total, is warning savers to be vigilant.
It said there has been an increase in reports of such scams so far this year, with 107 reports of pension fraud received in the first three months of 2021.
Scammers have already stolen £1.8m from pensioners this year â Action Fraud
Here s how to protect yourself from pension scams
Police are warning of a rise in pension scams this year (Image: Lauren Hurley/PA Wire)
Get the latest email updates for Surrey with our FREE daily newsletterInvalid EmailSomething went wrong, please try again later.
Subscribe here
When you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice.
Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice
Some £1.8 million has already been lost to pension fraud this year, according to the UK s scams reporting centre.