Devon and Cornwall Police are urging residents across South Devon and beyond to stay alert following a rise in pension fraud cases that have left victims thousands of pounds out of pocket.
Figures from Action Fraud reveal that in 2024 alone, 519 reports of pension fraud were made, with losses totalling more than £17.5 million. On average, each victim lost over £33,000 – often their entire life savings.
Police say criminals are targeting people directly, using cold calls, online scams, and high-pressure sales tactics to trick victims into handing over their money.
How to Protect Your Pension
Authorities have issued the following advice to help protect residents:
-Secure your pension accounts:
Use a strong, unique password and enable two-step verification (2SV).
-Be cautious of unsolicited contact:
Cold calling about pensions is illegal. If you receive one, hang up immediately. Always seek independent professional advice before making changes to your pension.
-Spot the warning signs of a scam:
Be wary of anyone pressuring you to invest quickly, downplaying the risks, or promising guaranteed high returns. If it sounds too good to be true, it probably is.
What To Do If You’re Targeted
-Act fast: If you’ve made a payment or shared personal details, contact your bank or pension provider immediately. You can also dial 159 to be connected directly to your bank’s fraud department (note: this service is not available with all providers).
-Report it:Contact Action Fraud at [actionfraud.police.uk]or call 0300 123 2040.
-Stay alert: Regularly check your bank and pension statements for unusual activity.
-Report suspicious messages:
Forward scam texts for free to 7726.
Send phishing emails to [report@phishing.gov.uk]
For more information on spotting and avoiding scams, visit the government’s official campaign site: [stopthinkfraud.campaign.gov.uk]
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