With initiatives such as Pension Wise and the FCA's Scamsmart the message is getting out there but more needs to be done to ensure vigilance. No-one should be exploited by these scams or hiding their money under their mattress. Surely we can help people find that middle ground?
When people have been scammed victims can come together to seek to recover their monies as a collective force. Sometimes even when there is an empty shell of a company left actions can be taken against third parties and the director personally. All options for a victim should be explored.
Nine in ten people (88%) miss common warning signs of a pensions scam - such as unusually high investment returns, cold calling and offers of free financial advice - despite feeling confident they can spot fraudsters’ tricks. A new report from Citizens Advice, ‘Too good to be true’, reveals a mismatch between people’s confidence in spotting a scam and their ability to do so. Three in four (76%) said they are confident they can identify a pension scam but just 12% were actually able to do so when a scam was presented to them.