When John transferred the money, he thought he’d got a great deal. In the current market, deciding what to do with his pension lump sum hadn’t been easy, but this investment opportunity had come just at the right time and the promised returns looked great. It was only when his building society contacted him that he had second thoughts…
Over half (53%) of people aged 65+ believe they’ve been targeted by a scam, as revealed by an Age UK poll. This means a staggering 5.7 million people could be at risk.
And the scale of problem is probably even worse due to under-reporting – over 60% of people who received a scam didn’t report it to anyone.
Not everyone responded to attempted scams but of those who did 70% lost money. A third of older people who did respond may have lost £1,000 or more.
These alarming figures – from our new evidence review – come as new pension freedoms take effect. Many people over 55 now have access to pension savings worth tens of thousands of pounds and fraudsters will target them. Continue reading “Scams – time to tackle an urgent problem”