Average pension scam loss doubles in a year to more than £50k

 Average pension scam loss doubles in a year to more than £50k

Pension savers falling victim to scams are losing more than £50,000 on average – more than double the typical reported loss last year.

Complaints filed with Action Fraud show the average loss so far this year has been £50,949, compared with £23,689 across 2020.

Looking at individual cases, losses ranged from under £1,000 to as much as £500,000.

Between January and May this year, reported pension scam losses totalled £2,241,774, according to Action Fraud figures. Many scams also go unreported.

The Financial Conduct Authority (FCA) is urging pension savers to “flip the context” if they are approached online with tempting offers by imagining how they would react if the offers had been made by a stranger in a pub.

Just 1.1% of pension holders would take advice from a stranger, but 9.95% would accept financial advice such as a “free pension review” online, according to FCA research.

They would also be five times as likely to…

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