As the rate of fraud continues to rise, savers are urged to avoid falling victim to these criminals. One way in which fraudsters operate is by duping people into pension scams – and the impact can be devastating. Many Britons can lose their life savings and once the money is gone, it’s almost impossible to get it back.
Express.co.uk spoke exclusively with Claire Trott at Handlesbanken about pension scams and how they work.
She explained that anyone can be the victim of a pension scam, no matter how financially savvy they think they are.
There are various tactics used by pension scammers designed to lure people in but It’s important that everyone is able to identify the warning signs if they’re about to fall victim to a pension scam.
Ms Trott continued: “Scammers may attempt to persuade pension savers to transfer their entire pension savings, or to release funds from it, by making attractive-sounding promises they have no intention of keeping.
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“Nowadays, some scammers entice victims to part with their money and invest it elsewhere, pledging that they get more than their stake back. The promise of guaranteed high returns sounds too good to be true and should be treated like it.
“Scammers may offer the opportunity to invest in something considered exotic, such as a portfolio of overseas properties, renewable energy projects, forestry or biofuels.
“Although these may…
